Peter Schiff claims most US stocks are in a bear market despite AI leaders driving S&P 500 gains

Peter Schiff stated that 479 US stocks hit 52-week lows compared to only 60 highs, arguing most stocks are in a bear market. Goldman Sachs noted that AI shares are holding the S&P 500 up, which returned about 14% in 2026, with Nvidia and Micron expected to drive a third of 2026 S&P 500 earnings growth. However, the median S&P 500 stock is 16% below its 52-week high, and market breadth is at its weakest since the dot-com bubble. US inflation reached 3.7% in September, raising the probability of another Federal Reserve hike, while higher rates and AI profit doubts pulled the index’s forward earnings multiple to 19 times from 22.