The ‘Stealth’ Bear Market Is Getting Worse: 60% of S&P 500 Stocks Are Now Down 20%+

Data compiled by the Kobeissi Letter showed that more than 60% of S&P 500 constituents had fallen by at least 20% from their record highs, a common bear-market threshold, while the index itself remained near its peak. Four of the Magnificent Seven were down 15% or more from their peaks, and the group had shed roughly $4 trillion in combined market value. Alphabet had fallen 31%, from $400 to $282, and Meta was down more than 21% from its mid-August peak to about $625 last week; an earlier reading had put 59% of S&P 500 companies at least 20% below their peaks, with only ten firms producing about 70% of the index's gain from its March 30 low.