According to Jin10, U.S. President Donald Trump has long treated stock market performance as a referendum on his administration, and although the S&P 500 closed at a record high this week, the rally was driven mainly by a handful of companies benefiting from the artificial intelligence boom, masking growing signs of weakness in the U.S. economy and financial markets. With less than a month until the midterm elections, stock gains that Trump sees as favorable to Republicans could instead become a political burden. Shares of companies in consumer, travel, transportation, real estate and financial sectors have fallen, and over the past month the median stock performance among S&P 500 constituents was down about 4.3%. Strong gains in Meta, Microsoft, Nvidia and the broader semiconductor sector have obscured the weakness across most of the U.S. market. On Tuesday, the S&P 500 set a record high even though only 30% of its constituents were trading above their 50-day moving averages, a narrower breadth than even the weakest record high during the 1998-2000 internet bubble, when 41% of S&P 500 members were in uptrends.