Over 60% of S&P 500 stocks enter bear market territory

Over 60% of S&P 500 components are down at least 20% from their record highs. Four of the Magnificent 7 stocks have also declined 20% or more from their peaks, with the group’s combined market capitalization reduced by approximately $4 trillion since their highs. The situation is described as a “stealth” bear market. Source: The Kobeissi Letter.