The Financial Post reports in its Wednesday edition that technology megacaps are driving benchmark indexes to new highs, leaving the rest of the market behind. A Bloomberg dispatch to the Post reports that the rapid rise of these market leaders has created exuberance and widened the gap with many other stocks still struggling to recover from the Iran war losses. Semiconductor stocks surged 47 per cent in 18 days amid speculation the worst of the Middle East conflict is over, boosting the Nasdaq 100 toward its best month since 2020 before a drop on Monday. The momentum has "that melt-up feel to it," says Strategas's Chris Verrone. Evercore ISI's Julian Emanuel agrees and adds that Big Tech's strength is encouraging speculative risk-taking. The "public is becoming very speculatively engaged," he said, citing massive gains in companies like Intel and Avis. With about $8-trillion (U.S.) in money market funds on the sidelines ready to be deployed into equities, "the public has every means to become speculatively engaged." Despite Monday's advance, only 55 per cent of stocks in the S&P 500 traded above their 200-day moving average. For investors, that may signal a shaky foundation underpinning the stock market's advance.