A Few Stocks Carry the S&P 500: 41% of Stocks Trade 30% Below Highs Darryn Pollock Sun, October 11, 2026 at 10:15 PM EDT 2 min read ^GSPC S&P 500 targets rise as hedging fades, a new stock market risk. Photo by BeInCrypto The S&P 500 is within 0.2% of its record, yet 41% of S&P 500 stocks sit over 30% below highs. It is quite clear, there are just a few names are carrying the whole market.
Some 84% of index members trade at least 10% below all-time highs, and 17% are down more than 50%. However, the index weights companies by market value, so the largest stocks dominate its moves.
Real Estate leads, with 97% of its stocks at least 10% below all-time highs, The Kobeissi Letter said.
Materials follow at 96%, Utilities at 94% and Consumer Discretionary at 92%.
In contrast, Energy has held up better at 62%, followed by Healthcare at 70% and Information Technology at 72%.
Meanwhile, real estate stocks hit a record low against the S&P 500 last week.
Longer-dated Treasury yields hit 24-year highs on October 7. Higher yields can weigh on rate-sensitive sectors such as real estate and utilities.
The index closed above 7,800 for the first time on October 6, CNBC reported. In addition, Nvidia, Apple and Microsoft make up roughly a fifth of the S&P 500.
Kevin Gordon, Schwab's head of macro research and strategy, says artificial intelligence (AI) stocks now hold the index up. However, the average member fell 14% peak to trough since early August, he noted.
Goldman Sachs' ex-AI index excludes stocks the bank classes as AI enablers. It gained 6.7% in the six months to October 6, against 18.3% for the S&P 500.
Gordon said a single mega-cap capex miss, a shortfall in AI spending, paired with pared-back budgets could disrupt earnings.
With 17% of members already down more than 50%, the index may lack a broad base if AI spending falters. Third-quarter reports from the largest AI spenders may show whether that base holds.
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