84% of S&P 500 stocks fall 10% as index nears record high

Market breadth is weak: 84% of S&P 500 stocks trade at least 10% below their all-time highs, while the index sits 0.2% from its record set on Tuesday. Leadership is concentrated in a small number of names.

Market breadth snapshot

- 84% of constituents are down 10% or more from all-time highs.
- 59% are down 20% or more, 41% are down 30% or more, 17% are down 50% or more.

Sector drawdowns

- Largest breadth declines: Real Estate 97% of stocks down at least 10%, Materials 96%, Utilities 94%, Consumer Discretionary 92%.
- More resilient sectors: Energy 62%, Healthcare 70%, Information Technology 72% at least 10% below highs.

Index versus constituents

- The S&P 500 is 0.2% below its all-time high, set on Tuesday, despite widespread constituent drawdowns.
- The data indicates narrow leadership concentrated in a limited number of large-cap names.