Peter Schiff Says Most Stocks Are in Bear Market as AI Leaders Carry the Index

Peter Schiff, a gold-advocate economist, says 479 U.S. stocks hit 52-week lows against 60 highs, arguing most stocks are in a bear market while the S&P 500's 14% 2026 gain is driven by AI leaders like Nvidia. The median S&P 500 stock sits 16% below its 52-week high, with market breadth at its weakest since the dot-com bubble, though fewer than half index members have crossed the traditional 20% bear-market threshold.

Goldman Sachs strategist Ben Snider noted that AI and memory chipmaker shares are concentrating gains, with Nvidia and Micron expected to drive a third of 2026 S&P 500 earnings growth. The bank sees a potential recovery if economic uncertainty eases, though rising inflation at 3.7% and Fed rate-hike risks complicate the outlook ahead of the central bank's October 27-28 meeting.