The S&P 500 sits near record highs, but that headline number may be hiding a very different reality for the stocks most Americans actually own, and the timing could not be more awkward for the White House.
The S&P 500 sits near record highs, but that headline number may be hiding a very different reality for the stocks most Americans actually own, and the timing could not be more awkward for the White House.
Capital Blueprint puts the S&P 500 itself about 0.1% below its Oct. 6 record. Most stocks show far larger declines.
While there is no formal definition of a “stealth bear market,” FAST Graphs uses it when several stocks fall more than 20% while the overall market holds. EBC used it on March 30, 2026 for a grinding decline that the composite index hides. Real Investment Advice applied it to 2022, when capital eroded beneath modest index losses.
The evidence below is consistent with the label. Apart from the ETF data, figures are attributed to the outlets that published them.
Four Gauges, Four Different Readings
TheTradingTools says 56% of “eligible” US stocks were more than 20% below their highs on Oct. 12. The page does not define “eligible.” The median stock was 24.3% below its high.
Strategist Mike Wilson counted 51% of Russell 3000 stocks down more than 20% from June highs in his Oct. 5 note. Two weeks earlier the share was just over 40%. These figures come from copies of the note.
S&P 500 members more than 20% below their 52-week highs: TheTradingTools counted 34.8% at the Oct. 9 close. MarketWatch cited 44% earlier in October.
Smallest of all: ChartRow puts the equal-weight S&P 500 about 4.4% below its Aug. 14 closing high.
Each measure counts a different group of stocks from a different peak, so they cannot be combined or averaged. Two come from the same site. Wilson and MarketWatch provide independent support.
Averytin News Financial update.