The Globe and Mail reports in its Friday, May 26, edition that judging by the moves in Wall Street's major stock indexes, the fears of a worsening banking crisis appear to have been overblown. The Globe's guest columnist Hans Albrecht writes that the divergence of bond and equity volatility is at all-time highs, which has much to do with the structure of the equity market. Stocks such as Microsoft, Apple and Alphabet carry a heavy weight on several indexes. A flight to safety in cash-rich, AI-focused big-cap leaders has led to a bifurcation in performance. Indeed, a vast majority of the performance in the S&P 500 in 2023 comes from this handful of stocks. Below the surface, however, it might seem that all is not so well, with the Russell 2000 index continuing to plumb the depths just as names such as Nvidia and Meta enjoy meteoric runs of near 100 per cent year-to-date. In other words, a few stocks could be masking a troubling undercurrent. Because of how they disproportionately affect the index, those gains have produced a veneer of calm from a volatility perspective. Microsoft, Nvidia and Apple sit at or near all-time highs, while many stocks struggle to break above some key moving averages.