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2026 has been a crazy year in the markets so far.
It seems every week Claude gets another plugin that causes an industry to sell off.
But the S&P 500 is relatively flat. Let’s take a look at some of the trends underlying the market today.
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The last few years were all about the Magnificent 7 driving the market.
But so far in 2026, they’re underperforming the S&P 500.
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There’s been a lot of fear in different industries around AI disruption, starting with software:
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Financial services like accounting, junior legal prep, or tax services also got hit by AI fears.
This even drug in strong names like Moody’s, MSCI, and FICO.
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Individual stocks like Adobe are down massively from their previous high prices.
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But if we look at the S&P 500 so far this year, it’s barely moved.
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