Google reported earnings last week.
The numbers were big but investors didn’t like what they heard.
The next day the stock was down 12%, one of the worst days in the tech giant’s history.
Google is now trading down more than 30% from its highs.
The AI winners and losers seem to change in a hurry these days.
Meta is 20% off its highs after a 40% run-up in a month. Amazon has fallen more than 15%. Nvidia is down nearly 15% as well.
Plenty of other stocks are in the penalty box right now.
Intel dropped almost 30% on Friday. In a single day! The chipmaker is now 54% from all-time highs.
CoreWeave was down 10% on Friday. It’s fallen 60% since May.
The semiconductor stocks are all crashing after huge gains. Here are the drawdowns for some stocks in this space:
- Sandisk -51%
- Western Digital -51%
- Micron -27%
- Seagate Technology -41%
Then you have other tech stocks like Dell (-28%), Broadcom (-32%) and Applied Materials (-46%).
Netflix is down more than 50%. Uber is down 35%. Coinbase is down more than 60%. Oracle is in a 60% downturn.
Home Depot, Chipotle, Pepsi and Nike are down 25%, 55%, 32% and 79%, respectively, from their all-time highs.
I could keep going.
Of course, these drawdowns are from the highs. Many of these stocks experienced huge gains before they fell.
Still, it’s hard to believe how many stocks are in the midst of painful downturns right now.
If you’re a stock-picker in certain areas of the market right now, it probably feels like a bloodbath.
And yet…
The S&P 500 is still up double digits in 2026 — almost 12% on the year.
The average stock is up almost 15% while the median S&P 500 company has risen around 9% this year:
That’s pretty good all things considered.
And although a number of stocks are in the midst of bone-crushing losses right now, most stocks are actually doing pretty well this year.
Here’s a breakdown of the number of stocks by various returns through the close on Friday:
There are a number of stocks down double-digits this year. But that happens in most years.
Two-thirds of stocks are up. Nearly half of the S&P 500 is up 10% or more in 2026. More stocks are up 20% or 30% than down 20% or 30%.
This is what makes the stock market equal parts exciting and excruciating.
If you pick the right stocks it can be wonderful. If you pick the wrong stocks you can be in a world of pain even when the overall market is doing just fine.
This is also the beauty of index funds.
There are a lot of people who pick stocks that are sick to their stomachs right now.
If you own the market you would never know about all of the turmoil underneath the surface.
Maybe this turmoil is a precursor of things to come and the market will follow suit.
But right now if you own index funds the stock market is doing just fine.
Further Reading:
Where is the Stock Market Volatility?
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