More Record Highs Ahead?
Are more record highs ahead for the S&P 500? Brian Garrett, head of equity execution on the Cross Asset Sales desk in Global Banking & Markets, separates the signal from the noise.
Transcript:
Brian Garrett: We think more record highs could be ahead for US equity markets.
The S&P has had an extremely volatile start to the year—falling dramatically during the month of March, and then regaining the highs by late April.
After a fierce rebound, investors tend to ask if the rally can continue. For instance, investor sentiment has gone from quite negative to extremely positive. So a natural question is: Are there buyers still out there. And in fact, after the S&P makes new all-time highs, the next month’s returns tend to be below average.
But we think there are still good reasons to be positive on US equities. Stocks have rebounded for solid fundamental reasons. The geopolitical environment has cooled, the economy is healthy, and earnings have surprised to the upside.
And if you go back to that chart of what the S&P 500 does after all-time highs, we see that while the returns are a bit weaker over the next month, they’re actually stronger than average over the next year.
So longer-term-oriented investors should expect positive things from US equities.
Recorded on May 4, 2026.
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