Bull Market’s Winners Dragged the S&P 500 Into a Bear Market

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Stocks that soared during the pandemic rally have been some of the biggest losers in this year’s downturn, a reversal that signals investors’ concerns over the valuations of many risky assets and the broad outlook for inflation and growth.

After the S&P 500 took a steep dive in early 2020 following international lockdowns, large companies in the technology and consumer-discretionary sectors sent the value-weighted index on a historic rebound that culminated in a record close on Jan. 3 this year.