Big Tech stocks have fueled most of the S&P 500’s gains over the past several years. Power laws rule everything, even in financial markets. It doesn’t take much to dramatically change outcomes, as long as action is concentrated in the right places.

Spiking bond yields killed this morning’s stock market rally, but the damage was mostly limited to a few large tech firms. With the S&P 500 down 0.4%, roughly 300 of the stocks in the index are actually on track to close higher.