Large-cap technology firms are reclaiming market dominance as internal breadth within the Nasdaq 100 continues to deteriorate. Currently, 48% of the index's constituent stocks are trading at least 20% below their recent peaks, marking the highest concentration of such declines since the selloff observed in February and March.
This figure represents a 100% increase over the past 12 months, as the proportion of stocks in bear market territory has doubled during that period. Despite this sharp rise in individual stock weakness, the current 48% level remains below the 60% threshold recorded during a previous market downturn.