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

There's a major discrepancy between the S&P 500 and the value of most companies in it. The S&P 500 remains remarkably close to its record high, but a closer look shows the index’s damage has worsened considerably over the past several weeks. According to data compiled by the Kobeissi Letter, more than 60% of companies in the headline index are now in bear-market territory, while some of the largest technology and crypto-linked stocks have fallen much more sharply. S&P 500: ATH or Bear Market? The analysts reported that over 60% of the S&P 500 components are now at least 20% below their respective record highs, putting them in commonly defined bear-market territory. Even some of the biggest names in the market are no longer immune. The analysis shows that four of the Magnificent Seven have dropped by 15% or more from their peaks. Moreover, the group has collectively erased approximately $4 trillion in market cap from its highs. This is more than the entire crypto market’s capitalization by a long shot. The deterioration has accelerated quickly, with Alphabet leading the pack after dumping by 31% since its all-time high of $400 to $282. Meta’s stock has slumped by ove...