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Equity Market Breadth Weakness

GOLDMAN SACHS GROUP INC · 2026-11-03 · Importance 17 · Surprise 24

Goldman Sachs trader Bobby Molavi highlighted that 60% of S&P 500 constituents were in bear-market territory even as the index stood within about 3% of its latest record high. He said technology megacaps driving AI-related capital expenditure and companies receiving that spending were both declining. The report presents this as a divergence between the index’s near-record level and the weakness across most of its constituents.

Key facts

• Goldman Sachs trader Bobby Molavi highlighted that 60% of the S&P 500 was in bear market territory while the index was within about 3% of its latest record high. source
• Goldman Sachs Group Inc. trader Bobby Molavi said shares in both tech megacaps whose capex is at the heart of the AI-powered equities rally and the recipients of that spending were going down together. source