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84% of S&P 500 constituent stocks are trading at least 10% below their all-time highs, according to analysis from The Kobeissi Letter.
This broad weakness is being masked by the strong performance of high-profile technology names, including Nvidia and Micron, which have helped keep the overall index near record levels.
The Real Estate sector shows the most significant pullback, with 97% of its stocks down at least 10% from their peaks. Materials follow at 96%, Utilities at 94%, and Consumer Discretionary at 92%.
Strategists at The Kobeissi Letter noted that a few specific names are currently carrying the entire stock market.
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