A handful of tech stocks are masking an ugly S&P 500 problem Brian Sozzi · Executive Editor Mon, October 12, 2026 at 9:36 AM EDT 2 min read ^GSPC -0.06% NVDA -1.57% MU -4.39% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Thank goodness for the likes of Nvidia (NVDA), Micron (MU), and a few other high-profile tech stocks in the S&P 500 (^GSPC).
Without their strong gains, the S&P 500 would be looking ugly — and far from hovering at record highs.
About 84% of S&P 500 stocks are now trading at least 10% below their all-time highs, according to new analysis from the Kobeissi Letter.The Real Estate (XLRE) sector leads the pullback, with 97% of its stocks down at least 10%, followed by Materials (XLB) at 96%, Utilities (XLU) at 94%, and Consumer Discretionary (XLY) at 92%.
Pressure in these spaces likely reflects concerns about earnings from companies exposed to high interest rates, notably in housing and retail.Energy, meanwhile, has held up relatively better, with 62% of stocks in the sector more than 10% below their all-time highs, followed by Healthcare (XLV) at 70% and Technology (XLK) at 72%.What's more, 59% of S&P 500 stocks are down at least 20% from their highs, 41% are down more than 30%, and 17% are off by more than 50%."A few names are carrying the entire stock market," strategists at the Kobeissi Letter rightly pointed out.
Read more: How to protect your money during turmoil, stock market volatility
Yet despite the drawdowns underneath the surface of the S&P 500, the market is celebrating a milestone.
Investors are currently living in the 11th bull market since the 1950s, which is on track to become the seventh to complete at least four full years on Oct. 12, per data from Truist co-chief investment officer Keith Lerner.
Measured against every bull market dating back to the 1950s, the 119% advance sits near the middle of the pack, well below the 401% gain during the 2009 to 2020 cycle and the 582% gain from 1987 to 2000.
The historical average advance for a bull market in Lerner's measurement period is 184%. Of the 10 prior bull markets, six lasted longer than four years.
Brian Sozzi is Yahoo Finance's Executive Editor, host of the Sozzi Unleashed morning show and the Power Players with Brian Sozzi podcast, and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.
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