{
  "id": 14729221,
  "title": "Musterdepots – Dynamik-Depot: Geringe Marktbreite bietet Chancen bei einzelnen Aktien",
  "url": "https://urgent.news/2026/10/15/musterdepots-dynamik-depot-geringe-marktbreite-bietet-chancen-bei",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-15T15:21:52.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/anlagestrategie/musterdepots/musterdepots-dynamik-depot-geringe-marktbreite-bietet-chancen-bei-einzelnen-aktien/100261073.html"
  },
  "original_language": "de",
  "account": "Despite a still tense geopolitical landscape, stock markets remain stable. The US economy and parts of Europe have proven to be more resilient than many market participants anticipated. Corporate earnings also indicate a positive trend. However, when looking beyond index performances, it quickly becomes evident that the markets are increasingly bifurcating. The performance of major index components relies on an ever-shrinking number of shoulders. Within the S&P 500, about 40 percent of the total market capitalization now belongs to the ten largest companies, all of which are in the technology sector. Holding a broadly diversified index fund, on the other hand, means a significantly higher concentration of investments compared to what the name suggests. Moreover, market breadth has noticeably deteriorated. Many of the stocks contained in the index are currently trading below their 200-day moving average. Most of the stocks are therefore more likely to move sideways or downward, while a few heavyweights shape the overall picture. Profits depend on artificial intelligence (AI). This pattern is also evident at the sector level. Technology stocks have performed better in the US as well as in Europe compared to the market as a whole. In the US, the sector even outperformed the index relative to the previous half-year. At the opposite end of the spectrum, resource producers, cyclical consumer goods, and real estate stocks lag significantly behind this development. The dependency on the topic of artificial intelligence (AI) is particularly striking in the earnings expectations. For the third quarter of 2026, it is estimated that about half of the profit growth in the S&P 500 will come from investments in AI infrastructure. Fundamentally, the technology sector is undoubtedly strong, but the benchmark is correspondingly high. The recently begun reporting season will therefore once again be a test of endurance. If the numbers fall short of expectations, the impact on the overall market will be significant given the high index weight of the sector. Besides, two further stress factors remain in view. The rising yield level on bond markets puts pressure on valuations. And as long as the conflict between the US and Iran simmers and energy prices remain high, there is a risk of diminishing consumer readiness. Selective placement in the second tier While the low market breadth may appear critically limited at first glance, it is interesting for investors. Numerous solid business models are currently in the shadow of the AI boom and largely ignored by investors. Consequently, their valuations appear relatively favorable. At the same time, there are early signals that the earnings development is gaining breadth: For the first time in five years, the one-year forecasts for the MSCI World index were revised upwards across all sectors. If the previous laggards can meet these expectations, I see significant catch-up potential. In the dynamic depot, I am already putting this idea into practice. I have reduced my position in Apple to realize some course gains, as the stock has now reached a relatively high valuation level. The resulting liquidity was used to increase investments in Uber Technologies and Booking Holdings. Calibrating risk in the current environment The current market situation provides a clear opportunity to adjust risk. The continued concentration on a few names makes a targeted approach and conscious risk management increasingly important. As artificial intelligence remains a central structural growth driver, the major technology stocks will continue to be an important building block of the depot. However, in view of the current market environment, selective placement across individual stocks and asset classes becomes more meaningful. Bonds and gold remain a reliable anchor for stability in the depot.",
  "summary": "Der Aktienmarkt wird nur noch von wenigen Schwergewichten getragen. Das ist aus Investorensicht interessant: Zahlreiche solide Geschäftsmodelle stehen derzeit im Schatten des KI-Booms.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}