The big questions the bull market faces right now as the S&P 500 hits some turbulence

As the AI-propelled bull market enters its fourth summer, its pace and character remain rather consistent. Beneficiaries of the urgent, unprecedented buildout of computing capacity are carrying the indexes, with timely rotations into the broader array of stocks allowing the leaders to rest periodically. The S & P 500 's annualized total return for the year to date, nearly 23%, exactly matches its yearly rate of appreciation since this uptrend began in October 2022. Still, for all the familiarity and the sturdy nature of the advance, some macro shifts and internal stirrings are worthy of some attention, especially as global tech stocks face a bit of a shakeout overnight Tuesday . Here are a few items from the "Just asking" file that sit top of mind looking into the second half of 2026. Was May 14 a consequential moment for this market, at least tactically? This was the first day the S & P 500 crossed above the 7500 threshold, touching a high of 7517. It would go on to surpass 7600 for one day on a closing basis in the nearly six weeks since without gaining escape velocity. The index closed Monday at 7472. There's no clear evidence that the May 14 spurt was an important culmination of market themes, though it's interesting that is was the day the Cerebras IPO began trading – opening at $350 and peaking at $386 after pricing to initial buyers at $185, a show of frenzied AI enthusiasm which crystallized all the buying aggression in the opening moments. …