Wall Street's Big but Narrow Rally: S&P 500 Up 14% to Records While Over 40% of Its Stocks Are Down
Wall Street's 2026 rally has been big but narrow, Reuters reported on October 12, citing LSEG data: the S&P 500 has risen 14% this year to successive records, yet more than 40% of its constituents are down, over 200 stocks have fallen, a quarter of them by 11% or more, and the median stock is up only about 4%. The gains have been powered by technology and SI names — memory makers SanDisk and Micron have more than doubled — leaving the index heavily dependent on a handful of heavyweight winners.
Analysts say that concentration is a structural vulnerability: high valuations for mega-cap tech and worries about SI capital spending mean a pullback in the leaders would leave the broader market thinly supported. The rally has also unfolded against a tense backdrop — Middle East conflict, tariff friction, and a surprise Federal Reserve rate hike in September that raised borrowing costs for companies and households.
(Source: Reuters)
Source: Reuters
Published by GSM · USA (original Chinese edition)
Photo: Bear Bull Traders, CC BY 2.0 (Wikimedia Commons)
