Market leaders quickly becoming laggards — that's what investors have witnessed lately, provided one looks underneath the surface of the daily market action.
Some pros warn it could be sending a near-term negative sign for the broader market, which is dealing with new concerns ranging from tariffs to the possibility of no rate cuts from the Federal Reserve this year.
Many of the best-performing stocks in the market meaningfully declined last week, 22V Research strategist Jeff Jacobson pointed out in a client note on Monday. It's not just that many of the leaders stopped going up or outperforming, Jacobson said.