There has been a bear market in individual stocks and a bull market in indices for last couple months
meaning ..literally a handful of huge cap (heavily weighted stocks Apple , msft, google , nividia, meta) have Been going up and the majority of small and medium caps have been getting hammered .
looking “under the hood” the Nasdaq has 65% of stocks in bear market while the index itself treds water . It’s comical how bad market breadth has been for last couple months
Now with build back better getting shelved , that lack of huge spending will slice GDP forecast back next year , which should hurt the Dow (which had been seeing the best relative strength of all indexes )and the dow is most connected to future forecasts of economic “strength “ compared to the others