While the S&P 500 confirmed on Monday that it has been in a bear market since January, many of the benchmark’s components are in far worse shape following months of fear-driven selling related to rising interest rates and worries about the economy.
Within the S&P 500 technology sector index, 93% of stocks have fallen 20% or more from their highs, including PayPal Holdings, which has now tumbled 76% from its record high last July following a 7% drop on Monday. Within the communication services sector index, Facebook-owner Meta Platforms has slumped 57% from its 2021 high, and Walt Disney Co has fallen 49%, including a drop of more than 3% on Monday.
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