Equal-Weight S&P 500 Flat Since May 15 as NVDA Beat and Oil Near $105 Deepen Breadth Gap

With Brent crude near $105 on Hormuz closure fears, two-thirds of S&P 500 constituents are repricing lower on margin pressure while the top 10 names, now roughly 38% of cap-weight, absorb AI-driven inflows. The divergence leaves ^RUT and equal-weight benchmarks exposed to further underperformance if oil remains elevate