We're still holding pre-pandemic gains in indices
The S&P 500 and the Nasdaq are both still roughly 11% higher from the pre-pandemic crash.
I think the comparison here between the $SPY and the $QQQ shows how the more diversified S&P 500 has been a great place to be (thanks energy, materials and industrials).
Many individual names have given back pandemic gains PLUS some... will the indices do the same?
I don't see this as a super likely scenario as earnings are still expected to be higher than pre- pandemic levels, EVEN if you revise 2021 earnings estimates down.
Amazing how even though energy, materials, and industrials make up a relatively small proportion of the S&P 500, that merely having a presence has now become the reason the S&P 500 has outperformed recently.
The question becomes, how long will that purple line stay above the orange line now on your Ycharts 👀