Wall Street is down 60% from 52 weeks highs

The latest leg down of the U.S stock market is spreading the pain for investors. The data from Bespoke Investment Group shows how broad-based the selloff has been in the past 2022, according to data from the research firm Bespoke Investment Group.

The Russell 3000 RUA, which aims to track the 3,000 largest U.S. stocks, wiped out $13 trillion in market capitalization, with several former high flyers down more than 60% from their 52 week highs, the analysts said.

According to Morgan Stanley portfolio manager, 2 year Treasury yields are the base problem for the struggling stock market.

They also found that the average stock was down 41.7% from its 52 week high as of Monday s close. The average stock would need to see a rally of 71.5% to get back to its high.

This is just true carnage in equities unlike anything we have seen since the financial crisis or the Dot Com bust, according to analysts.

They noted that four sectors -- communications -- 51.8% consumer discretionary -- 49.8% tech -- 49.4% and health care -- 48.4% -- were roughly 50% less than their 52 week highs. Even energy stocks are down 36.9% from their 52 week highs through Monday, Bespoke noted. The Russell 3000 was holding near the same level Tuesday, while the Dow Jones Industrial Average DJIA erased a nearly 400 point gain to end Monday with a loss of 125.82 points, or 0.4%, after falling into a bear market. The S&P 500 SPX fell by 0.2% after ending Monday at its lowest since November 2020.