Stock markets continue to perform strongly despite the mounting risks. Neither the war in the Middle East, nor the resurgence of inflationary pressures, nor fears of an economic slowdown have managed to slow down the equity market. However, beneath this apparent strength there lies an increasingly evident fragility: the growing concentration of the market. The bulk of the gains rests on an increasingly limited number of stocks, and the trend is particularly evident in the U.S. According to Goldman Sachs, 85% of the S&P 500’s gains so far in 2026 (10%) come from technology. Excluding the sector, the advance drops to 3%.

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U.S. President Donald Trump has been investing in the stock market while leading the country. He has a vast portfolio of hotels, golf courses, and luxury residential properties bearing his name, valued at more than $6 billion. But he also has a significant stock portfolio that he continued to grow during the first quarter, according to the extensive report containing his financial disclosure, released Thursday night by the Office of Government Ethics. A White House spokesperson maintains that the president does not make decisions about the investment process, which is managed by advisers. They explain that independent financial managers traded on his behalf using programs that track recognized indices.

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