The US stock market has defied expectations, with the S&P 500 index rising 22% year-to-date, outpacing the Nasdaq Composite's 17% gain. While mega-cap tech stocks have undoubtedly been a driving force behind the market's performance, a closer look reveals that other sectors are also contributing significantly to the bull run.

According to data from the S&P 500, the top 10 performers in the index are comprised of 7 tech stocks, 2 consumer staples companies, and 1 financial services firm. However, a deeper dive into the numbers shows that the broader market is more diversified than initially meets the eye. For instance, the S&P 500's consumer discretionary sector has risen 25% year-to-date, outpacing the tech sector's 20% gain. Similarly, the financials sector has gained 28%, driven by strong earnings from banks and other financial institutions.

The market impact of this diversification is significant. As Ryan Detrick, Chief Market Strategist at Carson Group, noted in a recent interview on Bloomberg Businessweek Daily, "The narrative that the market is all about tech is just not accurate. We're seeing broad-based strength across multiple sectors, which is a sign of a healthy market." Detrick's comments are supported by data from the S&P 500, which shows that the index's sector weightings have become more balanced over the past year.

The company context behind this shift is also worth noting. While tech stocks like Apple and Microsoft continue to dominate the market, other sectors are gaining traction. For example, the consumer staples sector, which includes companies like Procter & Gamble and Coca-Cola, has seen significant gains due to strong demand for household essentials. Similarly, the financials sector has benefited from a surge in bank earnings, driven by rising interest rates and a strengthening economy.

Looking ahead, the future outlook for the market remains positive. As Detrick noted, "We're seeing a broad-based recovery in the market, which is a sign of a healthy economy." The S&P 500's sector weightings are expected to continue to shift towards more cyclical sectors, such as industrials and financials, as the economy continues to grow. However, it's worth noting that the tech sector is unlikely to disappear from the market's radar anytime soon, given its dominant position in the S&P 500.

In conclusion, while the tech sector has undoubtedly been a driving force behind the market's performance, the US stock market is more diversified than initially meets the eye. As the market continues to evolve, investors would do well to keep a close eye on sectors like consumer staples and financials, which are gaining traction and contributing to the broader market's strength.