Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.

Good morning. Today is Friday, May 26, and I'm your host, Kim Kahn.

Our top stories today.

Stock market leadership continues to narrow, the framework for a debt

limit deal could be in place, and the war of words between Carl ICON and Bill Ackman heats up.

Leading today's news, Tech Bulls no doubt cheered the market rally on Thursday,

but the action put a major concern of all street strategists into stark relief.

Thanks to NVIDIA soaring, the NASDAQ jumped 1.7% while the S&P 500 gain nearly 1%, but the Dow closed down slightly.

Allianz advisor Mohammed Al Arian tweeted that the price action is another reminder that

this year's favorable equity market performance is still about a handful of tech stocks. that year to date

to date, seven U.S. big tech names are now responsible for all the

S&P's positive performance and then some.

10.5 percentage points of the index's 8.1% gain.

In NVIDIA alone is a third of the SMP's 2023 returns, adding 2.7 points.

Even with Big Tech's strength, the SMP has been unable to top 4200 after several

attempts. J.P. Morgan says that the underlying market breadth, by some measures, is the weakest

ever, with the narrowest stock leadership in an upmarket since 1990s.

Equity upside has been driven by a combination of very narrow growth leadership and

rotation into safety. The AI theme appears to be stretched, it adds.

Meanwhile, the Dow was badly underperforming, with very little exposure to AI.

Data Treks Nikola says that's a problem because the Dow remains the predominant way Americans track the U.S. stock market.

There's seven times as many U.S. Google searches for Dow Jones and S&P 500, and double those for stock market

...