This week’s release of the American Association of Individual Investors survey resulted in 30.4% of respondents reporting bullish sentiment, tied for the lowest level of bullishness this year (tied with the March 19th release). Not only that, but the percentage of respondents reporting bearish sentiment ticked up to 47.7%, the highest since April 2nd.

Through yesterday’s close, the S&P 500 has fallen 4.5% from its June 2nd all-time high. Consequently, bears are coming out of hibernation as the tech-led rally has lost some of its steam, and geopolitical uncertainty continues to rattle markets.

Bullish sentiment fell by 5.9 percentage points this week, a decline larger than roughly 80% of all weekly changes since 1987 when the survey began.

While the decline in bullish sentiment was notable, the deterioration was very apparent in the pop of bearishness. Bearish sentiment jumped by 10.7 percentage points this week, an increase larger than roughly 93% of all weekly changes since 1987 and 96% of the changes recorded so far in 2026.

While the broader market has seen a pullback from its peak over the last week, and AAII bullish sentiment has dropped to its lowest level of the year, forward performance of the S&P 500 has been less grim in similar environments. Since 1987, AAII bullish readings between 30% and 35% have occurred roughly 17% of the time. Following those readings, the S&P 500 has posted positive average returns over every measured horizon, including gains of 2.9% over the next three months, 5.3% over the next six months, and 10.7% over the following year. In fact, the market tends to sour most when bulls are feeling their best, though the sample size for readings above 65% is slim. In contrast, some of the strongest forward returns, on average, occur when individual investors are least optimistic.

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Even after the recent pullback in Tech, the average S&P 1500 Tech stock is up over 100% year-over-year.  If you’ve been paying attention, though, not all groups within Tech have done well.

As shown in the first chart below, the average semiconductor and hardware stock in Tech is up 150%+ y/y, but the average software stock is actually down 6%.

After the selloff over the past week or so, the average Tech stock is sitting 25% below 52-week highs.

As shown in the second chart below, the average software stock is down 36%, while the average semiconductor and hardware stock is still less than 20% off 52-week highs.

So which stocks that had been doing pretty well have gotten hit hardest this month?

We looked at the 100+ Tech stocks in the S&P 1500 and then filtered for ones that have made 52-week highs in the last two months.  Below are the 30 stocks from this group that are now the farthest below those recent 52-week highs.

Some of the hardest hit names are semis and hardware stocks like SolarEdge (SEDG), Max Linear (MXL), Ciena (CIEN), and Viasat (VSAT), which are all now 30% below 52-week highs.  Even after the sharp drops, these four stocks are still up 100%+ y/y, with CIEN and VSAT still up 500% y/y!

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The Russell 1,000 is down more than 3% since its June 2nd high, but several of its biggest losers have lost more than a fifth of their value. In just a week, Ciena (CIEN) has tumbled almost 30%, making it the biggest loser in the index after an 168% upswing on the year before the 6/2 close. Enphase Energy (ENPH), AST SpaceMobile (ASTS), MP Materials (MP), Guidewire Software (GWRE), SailPoint (SAIL), QuantumScape (QS), Aurora Innovation (AUR), and Lumentum (LITE) are the other eight names that have fallen at least 20% over the past week.

On average, the 25 stocks below rallied 35.5% on the year before last week’s peak, but they’re all down at least 15% since. For nine companies, the losses over the past week add to an already rough 2026. For three of those companies, GWRE, SAIL, and QS, the losses over the past week are even worse than the YTD losses leading up to the 6/2 Russell 1,000 peak.

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