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The S&P 500 was up 14% and at record highs in 2026, even as more than 200 of its current members had fallen for the year. The gap comes down to index weighting: a relatively small group of very large AI-related companies drove much of the index’s gain, while the typical stock did far less well. These are figures from Reuters’ October 12, 2026 analysis, which covered current S&P 500 members and excluded 18 companies removed from the index during 2026.
Why can the S&P 500 rise while many stocks fall?
The S&P 500 is market-cap weighted, so companies with larger market values have more influence on its return than smaller constituents. A few outsized gains among the largest companies can therefore lift the index even when many individual stocks are losing ground. Reuters’ October 12, 2026 analysis found that the index had gained 14% for the year, while more than 200 current constituents were down.
That headline return does not describe what happened to every stock or to a particular investor’s portfolio. The same Reuters analysis found the median constituent had gained barely 4% in 2026, and a quarter of the stocks were down 11% or more.
What the 2026 numbers say about market breadth
Market breadth describes how widely gains are shared among stocks. Reuters’ October 12 analysis showed a clear gap between the index’s advance and the experience of its members:
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| Measure | Reuters figure for 2026 | What it indicates |
|---|---|---|
| S&P 500 index return | Up 14%, at record highs | The weighted index performed strongly. |
| Current constituents lower for the year | More than 200 | Many members did not share in the index’s rise. |
| Median constituent return | Barely up 4% | The middle stock’s gain was much smaller than the index’s. |
| Constituents down 11% or more | One-quarter of the index | A substantial portion had losses of at least that size. |
All figures in this table are from Reuters’ October 12, 2026 analysis. Its stock-count and median calculations cover current index members, not every company that belonged to the S&P 500 at some point during the year: 18 companies removed during 2026 are excluded. Some had been removed after their shares fell, so the figures should not be treated as a complete year-long history of all index constituents.
Which sectors and companies drove the rally?
Reuters reported that eight of the S&P 500’s 11 sector indexes were positive in 2026. But sector returns and contributions to the index were not the same: a sector can rise sharply yet have a modest effect on a market-cap-weighted index if its companies represent a smaller share of the index.
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| Sector | 2026 sector return | Contribution to S&P 500 gain |
|---|---|---|
| Technology | Up 32% | More than 10 percentage points |
| Energy | Up 42% | Less than 1 percentage point |
Reuters’ October 12, 2026 analysis attributed the difference to technology’s greater weight in the index. It also reported that Sandisk and Micron Technology had each more than tripled, illustrating how powerful gains in AI-related companies helped drive the broader index. These are Reuters-reported figures for that date, not claims that every technology or AI-linked stock rose.
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What the 200-day moving-average reading adds
A year-to-date return measures the change in a stock’s price over the year. The share of stocks above their 200-day moving averages is a separate measure: it shows how many are trading above an average of their recent prices over a longer period. It can offer a view of trend participation, but it is not another way to calculate year-to-date performance.
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In its October 12, 2026 report, Reuters said fewer than half of current S&P 500 companies were above their 200-day moving averages. A week earlier, the reading was 40%, the lowest since May 2025. That snapshot reinforced the picture of a rally with limited participation; it does not mean that every stock below its average was down for the year.
Why gains were concentrated, according to Reuters
Reuters reported that earnings growth tied to AI had recently fueled the index’s rise, while profit expansion in other sectors remained tepid. It also described higher interest rates and oil prices as concerns for economic resilience, weighing on industrials, consumer-goods sellers, and real estate companies.
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The explanations are attributed views, not proof that one factor caused every stock’s return. Reuters quoted Ross Mayfield, investment strategy analyst at Baird, saying: “Anything outside of the AI trade or companies that benefit from higher energy prices face huge headwinds in the form of higher oil and higher yields.”
Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, told Reuters: “AI is such a powerful story. I don’t think I’ve ever had as narrow a portfolio, in terms of themes, as I have now. I certainly own some non-AI names, but not many.” His comment reflects one strategist’s experience, rather than a survey of investors.
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What this divergence means for investors
A strong index return can coexist with losses in individual holdings because the index’s weighted performance and the return of a typical constituent answer different questions. For someone tracking a portfolio, the useful comparison is between its own holdings and the relevant benchmark—not an assumption that the index’s gain was shared equally across stocks.
The Reuters figures are a dated October 12, 2026 snapshot, not a timeless measure of market breadth. They also apply to the report’s current-member universe, with 18 companies removed from the index during 2026 left out. Treat the reported stock counts and median as that specific calculation, not a full accounting of every company that was an S&P 500 member at any point in the year.
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