The S & P 500 earned three records this week alone. That brings the number of times in 2024 the broad market index closed at a new all-time high to 42. But, to some extent, the highs are blurring the reality of what is happening under the surface of the market. The S & P 500 is also moving in tandem with de facto market leader Nvidia , which advanced 4.6% on the week. In the third-quarter alone, the correlation between Nvidia and the S & P 500 has been nearly 86%, according to FactSet data. Meanwhile four sectors in the S & P 500, real estate, financials, energy and health care, all ended the week lower. .SPX NVDA 5D mountain The S & P 500 still ended the week higher despite a slight pullback in gains on Friday. “Equity markets are driven by profits and the companies that generate the most profits are the ones that lead the market,” said Michael Rosen, managing partner and chief investment officer at Angeles Investments. “The leadership of NVDA and others is fully explained by their superior profitability.” Nvidia’s gain this week also helped the artificial intelligence darling reclaim a $3 trillion market capitalization . It closed Friday worth $3.086 trillion. Among the wider field of chip stocks, only Nvidia has outperformed the large cap semiconductor index, according to Alpine Macro Equity Strategy. The company’s breakout from its peers leaves Nvidia “lonely at the top,” the firm lamented. These moves come as September trading is ending on an unusually strong note. The month is typically the worst stretch of the year, but so far the S & P 500 is ahead 1.6%. The Nasdaq is higher by 2.3% in September while the Dow Jones Industrial Average has added 1.8%. To be sure, the rise to record highs does leave a looming question as to whether or not the market can continue to churn higher in the near-term, according to RBC Capital Markets head of U.S. equity strategy Lori Calvasina. “Where we are right now, we’re trading a little above 5,700 [on the S & P 500]; I do have sort of a hard time justifying getting really excited over the next few months,” Calvasina told Tech Zone Daily’s ” Squawk on the Street ” on Friday. “When I take that longer 12- to 18-month view, then I can get back on board with the rally.”