Banking turmoil not over as only 8 stocks fueled S&P 500 gain: Bianco

The S&P 500's gains this year are thanks to just 8 stocks, signaling the banking turmoil isn't over yet, Jim Bianco says

The S&P 500's year-to-date gains have been driven by just eight stocks, while the other 492 stocks in the benchmark index have fallen as a group in 2023, signaling the banking turmoil isn't over yet, Jim Bianco said.

However, Bianco suggested the index's gains aren't cause for celebration as only eight stocks are behind its progress. These include FAANG stocks – an acronym for five mega-cap US tech companies: Facebook, Amazon, Apple, Netflix, and Google.

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