S&P 500 Stays Near Record While 75% of Tech Stocks Sit in Bear Territory

Three-quarters of technology stocks have fallen into bear-market territory even as the S&P 500 remains 3.5% below its record, exposing a sharp split between index performance and the broader market.

The Nasdaq 100 lost about $4 trillion in market value over 25 days. AI stocks fell more than 13% in October, while the S&P 500 excluding AI stocks gained 8% over the same period and reached a record on Oct. 30.

Losses were widespread across the index and technology sector. Fifty-eight percent of S&P 500 constituents were at least 20% below their individual highs, while 91% of information technology stocks had fallen at least 10% from their highs.