The Kobeissi Letter(@KobeissiLetter):The market is experiencing historically high volatility: The performance gap between the S&P 500’s best- and worst-performing sectors has exceeded 10% in 8 weeks so far in 2026, the highest count since the 2020 pandemic. Half of these 8 episodes have occurred since late-May, even as the index itself has remained relatively unchanged. The only 3 other times that this has happened at this point in the year: 2000, 2001, and 2009, all periods of severe market stress. The full-year record was set in 2000 at 21 weeks, followed by the 2008 Financial Crisis with 15 weeks. The market is showing severe volatility beneath the surface.

2026.07.29 00:08

The market is experiencing historically high volatility: The performance gap between the S&P 500’s best- and worst-performing sectors has exceeded 10% in 8 weeks so far in 2026, the highest count since the 2020 pandemic. Half of these 8 episodes have occurred since late-May, even as the index itself has remained relatively unchanged. The only 3 other times that this has happened at this point in the year: 2000, 2001, and 2009, all periods of severe market stress. The full-year record was set in 2000 at 21 weeks, followed by the 2008 Financial Crisis with 15 weeks. The market is showing severe volatility beneath the surface.