S&P 500 is up 14% in 2026, yet more than 4 in 10 of its stocks are down

The S&P 500 has climbed about 14% this year to record highs, but more than four in ten of its members are trading lower than at the start of 2026, according to a Reuters analysis of LSEG data published on Monday, 12 October.

A rally carried by a few

• Memory-chip makers Sandisk and Micron Technology have more than tripled, while the median S&P 500 stock is up barely 4%.
• Nvidia, the world’s most valuable company, has contributed almost 2 percentage points of the index’s gain; Apple, Micron and AMD have each added more than 1 point. Tesla’s 15% fall has subtracted about 0.3 point.
• Eight of 11 sectors are up. Energy has jumped 42% and technology 32%, but because of its size, tech accounts for more than 10 points of the index’s gain, while energy adds less than 1.

Why it matters

The gap between the benchmark and its typical member shows how much of the market depends on AI-related heavyweights as the US bull market approaches its fourth anniversary. Reuters noted that the Federal Reserve’s September rate hike, and expectations of more increases, have raised doubts about the wider economy and hurt demand for industrials, consumer-goods companies and real estate.

Fewer than half of S&P 500 companies trade above their 200-day moving average, a sign of weak trends outside the leaders. A week earlier that share was 40%, the lowest since May 2025.