What happened in this Finance story?

The S&P 500's bull market turned four on Monday with a nearly 120% gain since its October 2022 low, fueled by an AI-driven rally, but narrowing market breadth and a hawkish Fed have investors questioning whether year five will deliver further gains.

What is a key fact in this story? (1)

**S&P 500** bull market turned four years old on Monday, with the index having climbed nearly 120% from its closing low on Oct. 12, 2022, with the rally driven largely by Wall Street's faith in the transformative power of AI since ChatGPT's late-2022 release.

What is a key fact in this story? (2)

**Nvidia** reached a roughly $5.5 trillion market cap and first crossed $1 trillion in 2023, while **Micron Technology** passed $1 trillion for the first time this May, illustrating how the AI build-out lifted 'picks and shovels' stocks to new heights.

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The bull market turned 4 years old on Monday. Investors say reaching a fifth birthday could be challenging — SkimNews

By CNBC · Summarized & edited by Kapil Samant · 2026-10-12

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S&P 500 bull market turned four years old on Monday, with the index having climbed nearly 120% from its closing low on Oct. 12, 2022, with the rally driven largely by Wall Street's faith in the transformative power of AI since ChatGPT's late-2022 release.
Nvidia reached a roughly $5.5 trillion market cap and first crossed $1 trillion in 2023, while Micron Technology passed $1 trillion for the first time this May, illustrating how the AI build-out lifted 'picks and shovels' stocks to new heights.
S&P 500 topped 7,800 for the first time last week, but approximately 40% of the broader index is concentrated in tech stocks and market breadth has deteriorated sharply, with 75% of S&P 500 stocks closing in negative territory in September.
Oppenheimer's Ari Wald wrote that the current bull market is the sixth longest of 24 since 1932, with a median 13 months remaining before a cycle peak — suggesting 2027 could be the final leg — though the median fifth-year return was still 21%.
Deutsche Bank strategist Parag Thatte wrote that the rotation into tech is now overdone, with the risk-reward no longer looking favorable, even as investors face ongoing fears around higher inflation, surging bond yields, and a more hawkish Federal Reserve.
Trivariate Research founder Adam Parker wrote that to outperform, investors need a combination of stocks that 'grow fast and don't miss,' adding that he continues to think the US stock market will perform well.

Why it matters: With 40% of the S&P 500 in tech and 75% of stocks closing negative in September, gains have narrowed to a handful of mega-caps — meaning future returns depend on a small group of names. Oppenheimer's historical data still gives a 21% median fifth-year return, but with the cycle potentially peaking in 2027, stock selection may matter more than simply staying invested.