Billionaire bond investor Jeffrey Gundlach of DoubleLine Capital warns that record highs in the S&P 500 mask structural weakness beneath the surface. According to MarketWatch on October 16, 191 S&P 500 stocks, about 38% of the index, were at least 20% below their 52-week highs, while a handful of mega-cap technology companies held up the index. Microsoft and Nvidia added $1.42 trillion in market value between July 13 and late August, while 71 other technology stocks collectively lost $22 billion. In credit markets, spreads on AI-related investment-grade debt widened about 75 basis points and high-yield spreads more than 150 basis points over the past year, while non-AI corporate debt stayed comparatively stable. Gundlach also pointed to the 30-year Treasury yield, which reached about 5.62%, its highest in nearly 25 years.
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Related tickers and likely impact
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/19/2026 | 766.48 |
| Change that session | +0.42% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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