62 Percent of Stocks in the S&P 500 Are Still Down

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The S&P 500 is at a record high, but 62 percent of stocks in the index are still down.

The S&P 500 is at a record high, but 62 percent of stocks in the index are still down, according to CNBC.

Last Tuesday, the S&P 500 closed above its February 19 high, officially recovering from the coronavirus sell-off. However, a majority of stocks are still lower than their pre-pandemic levels. On August 18, only 38 percent of stocks in the S&P 500 reported gains from peak to peak (Feb. 19 to Aug. 18). 62 percent of stocks in the index are still negative.

  • 43 stocks in the index reeled in gains of 25 percent or more.
  • 126 stocks in the index are down 25 percent or more since February 19, 2020.

Michael Yoshikami, CEO of Destination Wealth Management, believes this market occurrence is due to a “shift in demand.” “It’s not as if everything is rising,” he said. “You pull money out of names that really aren’t attractive given current conditions. And that money moves over to companies that are thriving in this environment.”

Some sectors have done far better than others. In healthcare, consumer staples, and information technology, more than 50 percent of stocks posted gains from Feb. 19 to Aug. 18. However, in energy and utilities, less than 10 percent of stocks posted gains.

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