Nearly Half of S&P 500 Stocks Are Moving Against the Market

Nearly half of the stocks in the S&P 500 are showing negative beta, meaning they have recently moved opposite the broader index. Goldman Sachs estimated that about 45% of the benchmark’s constituents had a negative threemonth beta, while roughly 17% showed a negative oneyear beta. The pattern reflects a market that has become increasingly concentrated in a small group of large technology companies and other AIrelated beneficiaries. Those stocks have helped lift the index even as many other names have lagged or moved in the opposite direction. Analysts also point to energy and defensive sectors as part of the divergence. Higher oil prices and geopolitical concerns have supported energy shares, while the broader market has remained uneven. Market strategists said the unusual readings may ease if leadership broadens, but they expect dispersion to stay elevated for now.