On October 5, Mike Wilson, chief stock strategist at Morgan Stanley, said that the divergence between the US stock index and the performance of most individual stocks is intensifying. Currently, 51% of the constituent stocks in the Russell 3000 index have fallen more than 20% from their June high, and the median stocks in the S&P 500 index are 16% lower than their 52-week high, which means that although major stock indexes are still high, most stocks have actually declined markedly, and market gains are increasingly dependent on a few large technology and AI stocks.

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