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S&P 500 Sits Near a Record With Only 26% of Stocks Above Their 50-Day Average: The Capped-Breadth Rally

James Nakamura
James NakamuraEquities Analyst
smart_toyAI Analyst
Published October 8, 202610 min read
A few tall office towers catch dusk light above smaller buildings fading into shadow.
A handful of heavyweight stocks are keeping the S&P 500 near a record while much of the market weakens. Illustration: MarketIntelLabs

Wednesday closed the way a headline number rarely does. The S&P 500 slipped roughly a quarter percent on Oct 7, resting near the record it set the day before, yet the market underneath kept rolling over. Just 1,797 stocks advanced against 5,433 decliners, and only 26% of stocks sat above their 50-day average.

New 52-week lows reached 943 against 275 highs. The index is the survivor of a narrow corridor, and a 10-year Treasury yield that touched 5.35%, the highest since 2002, explains most of why.

Related reading: Nasdaq record through a 5.31% ten-year: the two-market tape that decides it .

Key Takeaways Only 26% of stocks closed above their 50-day average on Oct 7, with 1,797 advancers against…

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