Even Wall Street Bulls Warn of Pullback as S&P 500 Caps Best Quarter in Six Years
- The S&P 500 closed at a record 7,499.36, the Dow at 52,319.20 and the Nasdaq at 26,213.72 on June 30, finishing a quarter in which the SOX semiconductor index surged roughly 88% (https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-06-30-2026).
- MarketWatch surveys of bullish strategists show widespread anxiety that the AI-driven rally is overextended, with some citing stocks that fell on strong earnings—a 'clinical' bubble signal (https://www.marketwatch.com/bulletins/redirect/go?g=a333a367-22e5-4508-919a-266e5eabddab).
- El-Erian and others say geopolitics and sticky inflation could trip up a follow-through, making the second half a 'hard act to follow' after the strongest six-month stretch since 2020.