Goldman Sachs warned that U.S. equity market breadth has narrowed to levels not seen since the dot-com bubble, even as the S&P 500 is up 14% in 2026. The median stock in the index is trading 16% below its 52-week high. Goldman’s U.S. Equity Sentiment Indicator has fallen to -0.9, with fewer than half of S&P 500 constituents trading above their 200-day moving averages. This situation stems from rising interest rates and growing skepticism about the durability of AI-driven profits.
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