According to Mars Finance, on May 6, analysis from The Kobeissi Letter shows that two key indicators of US tech stocks have hit recent lows: the ratio of US tech stocks to global tech stocks has dropped to 1.6 points, the lowest in 18 months; the ratio of US tech stocks to non-tech sectors has fallen to 1.5 points, a new low in 18 months. The decline in these two indicators has exceeded that during the 2022 bear market. Year-to-date, the Nasdaq 100 index has fallen about twice as much as the S&P 500 (excluding information technology).