The index’s 13.7% year-to-date gain marks its seventh-best start in 33 years, driven by 29% earnings growth and strong tech performance.
The S&P 500 has reached 25 all-time highs in 2026, fueled by 29% year-over-year earnings growth and standout returns from Nvidia and Micron. Micron’s 208% year-to-date gain nearly matched Nvidia’s index impact despite a smaller weighting.
This year’s 13.7% total return ranks as the seventh-best start in 33 years, following back-to-back 20%+ gains in 2023 and 2024. Historical data shows fresh highs have preceded positive six-month returns 76% of the time, though exceptions like 2007’s 12% loss exist.
Analysts are raising 12-month earnings-per-share estimates at an unusually rapid pace, supporting the index’s momentum. The streak of double-digit annual gains now spans three consecutive years.