The S&P 500 closed at a document excessive on Tuesday, wiping out losses from the coronavirus-induced sell-off and returning the market to pre-pandemic ranges, CNBC’s Nate Rattner writes.However whereas the index is true again the place it began earlier than the virus despatched the market plunging, a CNBC evaluation reveals that almost all of stocks have but to climb again to their prior ranges. Whereas the general market crashed after which reached new heights between its earlier excessive on February 19 and new excessive on August 18, solely 38 % of stocks within the index made good points over that point interval. A majority, the remaining 62 %, have been adverse.In lots of instances, these still-reeling stocks are down considerably from the place they have been in February. Whereas there have been a lot of massive winners — 43 stocks in whole noticed good points of 25 % or extra, together with well being care and expertise names like ABIOMED (87 %), PayPal (57 %), and Amazon (53 %) — there have been way more massive losers.1 / 4 of the index, 126 stocks in whole, recorded declines of 25 % or extra in comparison with the February 19 place to begin. Norwegian Cruise Traces (-71 %), Occidental Petroleum (-67 %), and Carnival Company (-67 %) are the highest three laggards over the interval.In an interview on CNBC following Tuesday’s document shut, Michael Yoshikami, CEO of Vacation spot Wealth Administration, described a “shift in demand” that explains why stocks haven’t moved in unison for the reason that market’s final document.“It’s not as if everything is rising,” he stated. “You pull money out of names that really aren’t attractive given current conditions. And that money moves over to companies that are thriving in this environment.”As Yoshikami described, stocks in some sectors have fared higher than others. In shopper staples, well being care, and knowledge expertise, greater than 50 % of stocks posted good points between February 19 and August 18. In vitality and utilities, nevertheless, lower than 10 % did so.However even inside particular person sectors, efficiency has not been uniform. Tech stocks, for instance, which climbed by 12 % from prior excessive to new excessive and are an oft-cited rationalization for the stock market’s unimaginable comeback, noticed wide-ranging efficiency. On one finish of the spectrum, PayPal and Nvidia every gained by greater than 50 % whereas on the opposite finish Western Digital and Xerox each fell simply as steeply.Within the well being care sector, efficiency diversified simply as broadly. Abiomed led all stocks within the index with an 87 % acquire from February 19 to August 18, and West Prescribed drugs and Regeneron, at 58 % and 54 %, have been additionally among the many prime performers. However greater than 40 % of stocks within the sector have been down, together with Dentsply Sirona (-26 %), Common Well being Companies (-19 %), and Cigna (-18 %). The one space by which stocks have proven alignment is all through the market’s return from the S&P 500′s March 23 low level, when the index grew by 52 % en path to the brand new document excessive. Over that surge, simply six stocks — Coty Inc., FirstEnergy, Walgreens, Gilead Sciences, Wells Fargo, and Intel — have been adverse.