Wall Street’s Bear Market Is No Longer So Stealthy

Intel shares fell nearly 10% on November 2 after a nearly 30% drop the prior Friday, leaving the chipmaker down 37% over three trading days and about 57% below its recent record high. Apple slid almost 5% in premarket trading on November 3 after warning that higher memory-chip costs would pressure holiday-quarter margins, which it expected at roughly 45%-46%, down from 48%. The Nasdaq 100 slipped into correction territory, more than 10% below its record close, as investors questioned whether Big Tech’s AI spending can produce adequate returns. The selling followed data showing more than 60% of S&P 500 stocks were already down over 20% from their highs, though nearly 70% of index companies finished higher on Monday, indicating the damage was concentrated in technology.