S&P 500 Nears Record High as 59% of Components Sit in Bear Market Territory

The S&P 500 closed Sept. 21 just 0.4% below its Aug. 13 record close of 7,798.99, yet 59.2% of its constituents have fallen at least 20% from their own peaks — the first such divergence since the bull market began in October 2022, according to Dow Jones Market Data. The Nasdaq Composite broke above its prior June high of 27,093.90, led by megacap technology and AI-linked shares. AMD (AMD-US) surged 9.95%, while chip, memory and hardware stocks rallied broadly. Meta (META-US) and other "Magnificent Seven" names regained momentum. Beneath the surface, tariffs, inflation, elevated energy costs and rising borrowing costs weigh on the market. Ameriprise chief market strategist Anthony Saglimbene said market breadth "has actually deteriorated" even as indexes approach records. Brent crude has climbed roughly 25% over three months to about $100 a barrel, pushing U.S. gasoline to $4.50 a gallon and diesel to a record $6.50. The 10-year Treasury yield sits near 5%.