Wall Street\u2019s internal damage is getting harder to ignore. Just days after data showed that more than 60% of S&P 500 stocks were already in bear-market territory, another wave of selling has hit major tech names, with Intel extending a historic collapse and Apple now joining the ride south.<\/p>\n
CryptoPotato<\/em> reported<\/a> over the weekend that the percentage of S&P 500 companies down by over 20% from their respective highs has risen past 60%, even as the headline index remained relatively close to record territory. At that point, AppLovin, Coinbase, CoreWeave, Intel, Oracle, Alphabet, Meta, and Amazon were already among the large-cap entities deep in what the analysts at the Kobeissi Letter consider bear-market territory.<\/p>\n The latest damage has been particularly brutal in semiconductors and AI-related stocks, as Kobeissi updated. They highlighted Intel\u2019s continued collapse<\/a> on November 2, with its stock tumbling nearly 10% during the session after plunging almost 30% on Friday. That left INTC down by 37% in just three trading days, and around 57% below its recent record high.<\/p>\n There\u2019s more, though, as Intel is hardly alone. Oracle fell roughly 9% after announcing plans to raise $20 billion through debt and equity to fund AI expansion, while Marvell dumped by almost 13%. The Nasdaq 100 consequently slipped into correction territory, more than 10% below its record close, as investors continue questioning whether Big Tech\u2019s enormous AI investment plans can generate adequate returns.<\/p>\n Until this point, Apple had held up considerably better than many of its mega-cap peers during the sell-off, but that resilience is now being tested. Its shares fell almost 5% in pre-market trading on November 3 after the company warned that rising memory-chip costs would pressure its holiday-quarter margins.<\/p>\n The firm expects gross margin to fall to roughly 45%-46%, compared with 48% in the previous quarter. This nosedive took place despite the impressive latest revenue, which exceeded Wall Street expectations.<\/p>\n This matters because the market\u2019s resilience has depended heavily on a relatively small group of mega-cap stocks holding up while large portions of the S&P 500 weakened underneath.<\/p>\n Alphabet already suffered a double-digit post-earnings decline last week and lost nearly 19% during October. At the same time, Meta, Amazon, Oracle, Intel, and numerous semiconductor names have sustained major nosedives as well.<\/p>\n There\u2019s an important nuance, though. Monday\u2019s selling was still heavily concentrated in technology. Nearly 70% of S&P 500 companies actually finished higher, even as losses in several heavyweight names dragged the headline index lower. So this is not yet a synchronized collapse across every sector.<\/p>\n Uncertainty around today\u2019s midterm elections could also take some of the blame. Current expectations suggest there\u2019s a near-80% chance of a Democrat \u201csweep,\u201d and US President Trump has vowed to become \u201cMr. Veto\u201d if that\u2019s the case. As such, the Kobeissi Letter concluded<\/a>:<\/p>\n \u201cA change in the political landscape always comes with uncertainty; markets hate uncertainty.\u00a0Objectively, the market is in the process of pricing in two years of political gridlock.\u201d<\/p>\n The post Wall Street\u2019s Bear Market Is No Longer So Stealthy<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Wall Street\u2019s internal damage is getting harder to ignore. Just days after data showed that more than 60% of S&P 500 stocks were already in bear-market territory, another wave of selling has hit major tech names, with Intel extending a historic collapse and Apple now joining the ride south. Wall Street Situation Worsens CryptoPotato reported […]<\/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-247019","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247019"}],"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=247019"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247019\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=247019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=247019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=247019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Apple Is No Longer Immune<\/h2>\n