The current bull market didn't start on March 31, 2026. Yet many commentators have noted that the bull market is at risk because it has been so narrow since then. Still, we remain bullish, notes Ed Yardeni, editor of Yardeni QuickTakes.
The bull market actually started on Oct. 12, 2022. Since then, most market segments have delivered solid double-digit gains. The problem is that several large-cap technology companies have delivered triple-digit gains, thereby making the double-digit growers appear to be underperformers. Nevertheless, even without the outperformers, it would still have been a solid bull market since 2022.
(Editor’s Note: Ed is speaking at the 2026 MoneyShow Masters Symposium Las Vegas, scheduled for July 19-22. Click HERE to register.)
The outperformers have been mostly associated with the AI theme. Shortly after the bear market ended in October 2022, ChatGPT was introduced in late November 2022. The Magnificent Seven led the initial exuberance about AI. But along the way, semiconductor-related stocks soared, too.
The naysayers have been comparing the current bull market to that of the late 1990s. But our comparison of the two shows fewer excesses in the current bull market so far. For example, the ratio of the S&P 100 to the S&P 500 Index (^SPX) remains well below its late-1990s peak. We remain bullish.
