The S&P 500’s bull run has entered its fifth year, powered by the AI boom, but weaker market breadth, high expectations and inflation risks are raising doubts about how long it can last.
01Summary
- 01Monday marked the fourth anniversary of the current bull market, with the S&P 500 up nearly 120% since its closing low on 12 October 2022.
- 02The S&P 500 topped 7,800 for the first time last week and remains near record highs, with around 40% of the index in tech shares.
- 03Nvidia is now a roughly $5.5 trillion company, while Micron Technology passed the $1 trillion market cap mark this May.
- 04Oppenheimer’s Ari Wald said the current bull market is the sixth longest of 24 since 1932 and that the median time remaining before a peak was 13 months.
- 05In September, 75% of S&P 500 stocks finished in negative territory, and small-cap shares have been especially weak.
02Why it matters
The rally has delivered huge gains, but its reliance on a narrow group of tech and AI winners means many investors are vulnerable if the momentum fades. A pullback could hit retirement accounts and broader market sentiment.
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