The S&P 500 remains remarkably close to its record high, but a closer look shows the index\u2019s damage has worsened considerably over the past several weeks.<\/p>\n
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.<\/p>\n
The analysts reported<\/a> 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.<\/p>\n This is more than the entire crypto market\u2019s 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\u2019s stock has slumped by over 21% since its peak in mid-August, and closed last week at around $625.<\/p>\n These adverse developments build on an earlier divergence covered<\/a> by us, when 59% of S&P 500 companies were at least 20% below their peaks even as a small group of mega-cap stocks continued supporting the index. Only ten firms had generated roughly 70% of the S&P 500\u2019s advance from its March 30 bottom.<\/p>\n Kobeissi\u2019s latest list highlights the issue for technology-related companies. It shows that AppLovin has plummeted by 68% from its all-time high, followed by a 60% correction from CoreWeave, a 54% drop from Western Digital, and Oracle\u2019s 51% decline. Arm Holdings\u2019 shares have nosedived by 49%, while Alphabet, Broadcom, Meta, Micron, Adobe, and Intel follow suit.<\/p>\n Crypto-linked equities are among the worst performers as well. The list from the Kobeissi Letter also includes Coinbase, which has tanked by 62% from its peak. Circle is down by 48%, while Robinhood, which is not exclusive to crypto but has dipped its toes even deeper in the past year, has dived by 44%.<\/p>\n This makes the current market increasingly difficult to describe as a conventional bull market simply because the headline index remains close to its peak. The concentration that previously kept the S&P 500 near its highs is weakening as losses spread into some of the very companies that had supported it.<\/p>\n Nevertheless, the Kobeissi Letter still views the divergence as a potential opportunity rather than necessarily the beginning of a prolonged collapse.<\/p>\n Tech Stocks in Bear Market Territory:<\/p>\n 1. AppLovin, $APP: -68% The Nasdaq 100 is now down nearly -$5 trillion since October 6th.<\/p>\n \u2014 The Kobeissi Letter (@KobeissiLetter) October 30, 2026<\/a><\/p>\n\n The post The \u2018Stealth\u2019 Bear Market Is Getting Worse: 60% of S&P 500 Stocks Are Now Down 20%+<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The S&P 500 remains remarkably close to its record high, but a closer look shows the index\u2019s 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-246129","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246129"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=246129"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246129\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Tech and Crypto Stocks Have It Worst<\/h2>\n
\n2. Coinbase, $COIN: -62%
\n3. CoreWeave, $CRWV: -60%
\n4. Arm Holdings, $ARM: -55%
\n5. Western Digital, $WDC: -54%
\n6. Intel, $INTC: -54%
\n7. Oracle, $ORCL: -51%
\n8. SanDisk, $SNDK: -49%
\n9. Circle, $CRCL: -48%
\n10. ServiceNow, $NOW: -44%
\n11. Robinhood, $HOOD: -44%
\n12. Seagate, $STX: -42%
\n13. Marvell Technology, $MRVL: -39%
\n14. Super Micro Computer, $SMCI: -39%
\n15. Broadcom, $AVGO: -34%
\n16. Alphabet, $GOOGL: -31%
\n17. Adobe, $ADBE: -29%
\n18. Micron, $MU: -29%
\n19. IBM, $IBM: -23%
\n20. Meta, $META: -21%
\n21. Amazon, $AMZN: -21%<\/p>\n