S&P 500 Gains Mask Declines Across More Than 200 Stocks

The S&P 500 has gained about 14% in 2026 and reached record highs, but more than 200 of its current companies have fallen this year, underscoring how gains are concentrated in a small group of large stocks tied to artificial intelligence. A Reuters analysis of LSEG data found the index’s median constituent had gained barely 4% in 2026, while more than 40% of members were lower. A quarter of the index was down at least 11%. The analysis covered current members and excluded 18 companies removed from the benchmark during the year. The index is weighted by market value, giving its largest companies greater influence on overall performance. Technology has contributed more than 10 percentage points to the S&P 500’s gain, while energy has added less than one point, despite an increase of about 42% in the energy sector. Technology shares have climbed about 32%. Some individual AI-related companies have risen sharply. Sandisk and Micron Technology have each more than tripled, while Nvidia has added nearly two percentage points to the index’s 2026 return. Apple, Micron and Advanced Micro Devices have each contributed more than one percentage point, according to the analysis.