Goldman Sachs reports that artificial intelligence stocks are masking extreme weakness across the broader index, noting that the median stock now trades 16% below its 52 week high. Internal deterioration has accelerated as the percentage of stocks above their 50 day moving average dropped to 25%, with fewer than 50% currently trading above their 200 day moving average.
Tuesday, October 20, 2026
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S&P 500 Breadth Sinks to -15% First Low Since Dot Com Bubble
US Markets21 days ago
More than 70% of member stocks in the S&P 500 now trade at least 10% below their individual peaks while the overall index holds within 1% of an all-time high. Market breadth has fallen to nearly -15%, the lowest reading since the 2000 dot-com bubble and significantly below the long term average of -6%. This divergence has coincided with the NYSE 52 week lows exceeding new highs for 10 consecutive trading sessions.
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