US momentum stocks hit record 4.0x volatility relative to S&P 500, down 24% in July — the worst month since 2008.
Macro & Markets ·
US momentum stocks including Nvidia, Palantir, and CoreWeave have reached a 3-week volatility ratio of 4.0x relative to the S&P 500, surpassing historical peaks of 2.0x during the 2020 pandemic and 1.8x during the dot-com era. The momentum index has declined 24% through July, marking its worst monthly performance since 2008. This concentration of losses reflects a sharp reversal in investor appetite for high-growth technology stocks that anchored recent market gains.