75% of U.S. tech stocks in bear market territory; S&P 500 down 3.5% from its peak

Roughly 75% of US tech stocks have entered bear-market territory, each down 20% or more from their highs, while the S&P 500 sits just 3.5% below its all-time high, according to a November 1 post by The Kobeissi Letter on X. The analysis found about 58% of S&P 500 constituents are down 20% or more from their own peaks, and within the information technology sector, 91% of stocks have fallen at least 10% from their highs. Kobeissi attributed the divergence to massive AI capital expenditures by corporations alongside routine market correction, arguing these could lay the groundwork for the next rally. The firm expects elevated volatility to persist through November. The article also referenced Nasdaq-100 constituent market capitalization data as of the 25th, though the figure was truncated in the source.