---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000968725.md"
description: "The S&P 500 is only about 3% below its record high, yet 60% of its stocks are already in a bear market, per Goldman SachsThat means 3 in 5 members are down 20% or more from their 52 week highs, a setup Goldman trader Bobby Molavi calls a "stealth bear market"The Magnificent 7 have lost about $4 trillion in market value since Oct 15, and the Philly semiconductor index fell 7% last Friday to break below its 200 day average for the first time in a yearDemand isn't the problem. $Alphabet(GOOGL.US) Cloud revenue doubled, $Microsoft(MSFT.US) Azure grew 48% and $Amazon(AMZN.US) AWS grew 39%, its fastest pace in 5 yearsThe worry is the bill. The 4 biggest hyperscalers generated just $26B of combined free cash flow, and $Amazon(AMZN.US) long term debt jumped from $66B to $173B in 9 monthsMolavi also flags the spread between B and CCC rated bonds at 8 points, a level seen fewer than 5 times since 1996, and the S&P 500 was at least 11.5% below its high every timeThe index headline looks calm, but under the hood most stocks are already in a downturn while AI capex, not AI demand, sets the toneSource: StockMarket.News"
datetime: "2026-11-03T21:28:44.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000968725.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000968725.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000968725.md)
author: "[StockMarket.News](https://longbridge.com/en/profiles/21806507.md)"
generator: "portal-rs"
---

# The S&P 500 is only about 3% below its record …


### Related Stocks

- [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md)
- [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md)
- [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md)
- [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md)
- [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md)
- [GOOGN.US](https://longbridge.com/en/quote/GOOGN.US.md)
- [EFIV.US](https://longbridge.com/en/quote/EFIV.US.md)
- [IVE.US](https://longbridge.com/en/quote/IVE.US.md)
- [IVV.US](https://longbridge.com/en/quote/IVV.US.md)
- [IVW.US](https://longbridge.com/en/quote/IVW.US.md)

## Comments (1)

- **yanny · 2026-11-03T23:53:53.000Z**: good


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**