Goldman Sachs trader warns of a "stealth bear market": S&P 500 just 3% from a record high, yet 60% of constituents are already in bear market territory.

Zhito Finance APP has learned that the S&P 500 Index is only about 3% away from its latest record high, yet 60% of the constituents in this benchmark index are mired in bear market territory. Bobby Molavi, head of EMEA execution services and trader at Goldman Sachs, pointed out that this picture is shocking. He said that, oddly, the capital expenditure of tech giants is the core driver of the AI-driven stock market rally, but the share prices of these giants and the beneficiaries of that capital expenditure are falling at the same time.