The S&P 500 has barely budged since late October. Yet beneath the surface of the U.S. equity market, big shifts have been taking place.

As measured by the S&P 500 index (which represents about 80% of total U.S. market capitalization), the market rose 24% in 2023, an equally impressive 23% in 2024, and another 17% year to date in 2025. Keep in mind that the average annual return for the S&P 500 is approximately 10.5%, so those three years have been exceptional for investors.

“I don't see a bubble at all. However, I do believe we're going to be going into a bubble,” Sanctuary Wealth chief investment strategist Mary Ann Bartels told Yahoo Finance last week. Batels compared the current market to prior bubbles, including the late 1920s and the dot-com bubble.

Stovall recently offered up his game plan for 2026, and he's generally bullish. In fact, he says that history suggests investors not only stay the course with the market, but also let their 2025 winners run.

The S&P 500 plunged nearly 5% on April 3, it’s worst day since the 2020 COVID crash. It fell another 6% a day later, after China’s response raised fears of an escalating trade war. Worries also gripped the U.S. Treasury market.

NEW YORK (AP) — More swings hit Wall Street on Friday, except the U.S. stock market finished higher this time. After bobbing up and down through the morning, the S&P 500 took off and rallied nearly 2% before finishing with a gain of 1%. The Dow Jones ...

A handful of the most prescient investing pros detail their recommendations for 2026.