More stock records next week? | Market internals weak | Fed may give a boost

Though the S&P 500 has hit a new all-time high and wiped out losses from the coronavirus sell-off, a CNBC analysis shows that the majority of stocks have yet to climb back to their prior levels.

VIEW IN BROWSER | SUBSCRIBE SAT, AUG 22, 2020 WEEKEND BRIEF EDITOR'S NOTE   The S&P 500 is back to a record high, but only a few stocks have participated in the index's monster rally off the March 23 low.   An analysis by CNBC's Nate Rattner found that only 38% of all S&P 500 stocks are up since Feb. 19 — when the index reached its previous record. Some of the winning names in that time include PayPal, Amazon and Apple. In fact, the iPhone maker surged to an all-time high last week, making it the first publicly traded company in the U.S. to reach a $2 trillion market cap.   The laggards between the S&P 500's record-setting sessions include cruise operators Carnival and Norwegian Cruise Line as well as Occidental Petroleum. All three of those stocks are still down more than 60% since Feb. 19.   This lopsided market action since February has raised concern among investors about the sustainability of the rally.   "There have been more and more warning signs that need to be mentioned that suggest markets are nearing at least a temporary peak in price," Mark Newton, managing member at Newton Advisors, wrote in a note. "This divergence is important and should be watched carefully."   The market's narrow leadership will be tested next week as the Federal Reserve holds its annual monetary policy symposium. The event usually happens in Jackson Hole, Wyoming, but this year will take place virtually instead due to the coronavirus pandemic.   Fed Chairman Jerome Powell is set to speak Thursday and is expected to highlight the implications of monetary policy as well as the central bank's much-anticipated framework review, writes CNBC's Patti Domm. Fred Imbert | CNBC Markets Reporter @foimbert THE WEEK AHEAD Markets look to the Fed again to build on S&P 500 record as Congress continues to disappoint   YOUR WEEKEND BRIEFING  The S&P 500's return to a record doesn't tell the full story with 60% of stocks still with losses Microsoft plans cloud contract push with foreign governments after $10 billion JEDI win Hedge funds are sticking with tech, but also buying JPMorgan and these other stocks TikTok to challenge U.S. order banning transactions with the video app, sources say Even with the S&P 500 back at a record, analysts see these stocks as cheap long-term winners Trading apps like Robinhood are having a moment. But users should be careful     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS