84% of S&P 500 Stocks Sit 10% Below Highs as Tech Keeps Index Near Records
Updated
Updated · Yahoo Finance · Oct 12
84% of S&P 500 Stocks Sit 10% Below Highs as Tech Keeps Index Near Records
2 articles · Updated · Yahoo Finance · Oct 12
Summary
84% of S&P 500 members are now at least 10% below their all-time highs even as the index hovers near records, underscoring how narrow the rally has become.
Nvidia, Micron and a handful of other big tech names are carrying the benchmark while rate-sensitive groups sag on earnings worries tied to high interest rates, especially in housing and retail.
Real estate shows the deepest damage, with 97% of stocks down at least 10% from highs, followed by materials at 96%, utilities at 94% and consumer discretionary at 92%.
The weakness runs deeper than a mild pullback: 59% of S&P 500 stocks are down at least 20%, 41% are off more than 30%, and 17% have fallen by over 50%.
Even with that poor breadth, the current bull market reaches its fourth year on Oct. 12 with a 119% gain since its start—mid-pack versus post-1950 rallies and below the 184% historical average advance.