OK so maybe saying it is always “all” macro is a bit of an exaggeration but barely.
Looking at the average correlation of the stocks within the SP100 to the index itself we can see in the chart below that on a 63-Day rolling basis the correlation is at 44% which is the lowest it has been in over a year. Most traders know that the market accounts for some of an individual stocks movement. The reality is that over time macro has taken over more and more to the point where current data shows that 44% of a stocks movement is due to the overall market, and more often than not it is over 50%. So unless you are dealing in truly “special situation” stocks, and most of you are not, the market and consequently macro matters.