S&P 500 experiencing bear-market conditions with 60% of stocks in drawdown; Intel crashed 37% in three days amid tech sector volatility.
Macro & Markets ·
More than 60% of S&P 500 stocks have fallen into bear-market territory, reflecting widespread damage beneath headline indices that remain near record levels. Intel has suffered particularly severe losses, declining 37% across three trading days and sitting roughly 57% below its recent peak, while Oracle and Marvell also posted double-digit drops. The Nasdaq 100 has slipped into correction territory, over 10% below its record close, as investor concerns mount about whether mega-cap technology firms can deliver returns commensurate with their AI spending commitments. Apple, previously more resilient than peers, has now joined the downturn after warning that memory-chip cost pressures would compress holiday-quarter margins to 45%–46% from the prior quarter's 48%.
The sell-off remains concentrated in technology and semiconductor segments rather than representing a coordinated decline across all sectors. Nearly 70% of S&P 500 companies finished higher on the latest session, even as losses among heavyweight names pulled the broader index lower. Political uncertainty has contributed to volatility, with expectations of a near-80% probability of one electoral outcome creating anticipation of prolonged gridlock and policy constraints ahead.
What remains unclear is whether the current technology downturn will broaden into other sectors or stabilize as individual stock repricing. The sustainability of losses among mega-cap firms and their impact on overall market stability over coming weeks remains an open question.