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As of Jul 20, 2026
For informational purposes only.
Today · Jul 20
Jul 23
On the surface, it looked like a shrug: the S&P 500 slipped about a tenth of a percent and the Nasdaq was barely down. But under the hood, it felt more like a slow bleed. Roughly two-thirds of stocks fell, the “everyone gets an equal vote” version of the market was down about 0.6%, and new lows outnumbered new highs by almost three to one.
If your index fund didn’t move much but a bunch of individual names in your portfolio were red, that’s exactly the kind of day this was.
Money kept crowding into a few pockets:
But most sectors were in the red. Healthcare dropped more than 1%, and industrials and basic materials were also weak. Small caps fell much more than large caps. Even inside tech, it was uneven: Apple and Tesla were down sharply while other AI names bounced, showing how split the “AI trade” has become.
That’s what people mean by “narrow leadership” — a few strong groups trying to hold up a market where most stocks are sliding.
