60% of S&P 500 in Bear Market as Magnificent 7 Lose $4 Trillion
KobeissiLetter · x · 2026-10-30
Per Kobeissi Letter, over 60% of S&P 500 components are now down 20%+ from record highs. Four of the Magnificent 7 are in bear market territory, with the group erasing a combined $4 trillion in market cap — charts show NVIDIA, Amazon, Google, Intel, Meta and Netflix all sharply lower. The author calls it a "stealth" bear market and reiterates an October 15th thesis that it's a major buying opportunity.
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