Perspectives on an unloved bull market

THE S&P 500 is in a bull market – as bull markets are traditionally defined. As at Jun 23, it has risen by more than 20 per cent since its low point in October 2022.

The so-called bull market remains intact despite dampening statements by the Federal Reserve officials, led by chairman Jerome Powell who said one or two more rate increases may be needed this year. This has caused the upward trajectory to slow somewhat. Having reached as high as 25 per cent above the October low, the index eased to roughly 21 per cent as at last Friday (Jun 23).

If you read analysts’ opinions, this is a discomfiting bull market, unloved by many. Perhaps the ones loving it most – or rather, driven by Fomo (fear of missing out) to love it – are retail investors. Citing data from JPMorgan Chase, Bloomberg reported that non-professional investors snapped up US$1.5 billion of single stocks in the week ending last Tuesday, an all-time high.