According to @StockMarketNerd, the S&P 500 has remained resilient even as sharp selloffs hit stocks that previously saw parabolic price action and aggressive multiple expansion, with these declines concentrated in names outside the S&P 500 index (source: @StockMarketNerd). The author notes some of these individual names are down as much as 40%, yet those moves only unwind a portion of their year-to-date gains (source: @StockMarketNerd). This concentration of drawdowns away from index constituents helps explain why the benchmark is holding up while speculative, high-beta names face de-rating pressure (source: @StockMarketNerd). Crypto market impact: the source provides no crypto-specific data and indicates index-level stability alongside pressure in non-index speculative equities (source: @StockMarketNerd).