Citi: Broadening Needed for 8% S&P Upside

Citi notes US Q1 earnings beat was driven ~50% by one‑time items, masking modest underlying growth.
Only about 20 stocks, mainly tech, generated most S&P 500 earnings upside and forward‑guidance revisions for Q2‑Q4.
Citi warns that broader market participation is needed for further index gains, pending clarity on Iran conflict, oil, inflation and rates.
Nvidia, valued near $6 trillion, remains a key driver of the 8% YTD S&P 500 rally on AI optimism.