The current bull market has officially hit its two-year milestone, overcoming recession fears, elevated interest rates, and persistent skepticism.
Since bottoming out on October 12, 2022, the S&P 500 has soared 63%, driven by a resilient economy and impressive corporate earnings. Gains have been further amplified by optimism around productivity and breakthroughs in artificial intelligence.
Defying all expectations, the S&P 500 is now trading at record highs, solidifying this as one of the most resilient—and surprising—bull markets in history.
“It is hard to believe that only two years ago the S&P 500 closed at 3,577 as investors feared inflation was entrenched after wholesale inflation data unexpectedly ticked higher that day,” said Adam Turnquist, chief technical strategist at LPL Financial.
Looking back, this day marked the birth of a bull market—one that has grown against the odds and market skepticism. Quoting legendary investor John Templeton, Turnquist added “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.”
Veteran market strategist Ed Yardeni has been a vocal proponent of the bull market since its inception. Reflecting on the last two years, Yardeni stated, “The current bull market started two years ago, and we’ve loved it from the start, even though it was among the most widely hated bull markets in history.”
Many critics expected a recession due to the Federal Reserve’s tightening cycle, but Yardeni and other bullish analysts remained confident in the economy’s resilience. As Yardeni points out, “The economy has instead remained highly resilient, which has been our forecast since early 2022.”
20 Top Performing S&P 500 Stocks In Current Bull Market
Regarding individual stocks, Nvidia Corp. NVDA has led the charge with a jaw-dropping 1,027% gain since October 12, 2022.
Super Micro Computer Inc. SMCI follows with a 766.73% surge, while Vistra Corp. VST, a major player in the renewable energy space, has climbed 477.91%.
Technology has dominated the bull market, with nine of the top 20 S&P 500 performers hailing from this sector, underscoring its central role in driving market gains.
Semiconductors, in particular, stand out as the most represented industry, with four companies making the list. This highlights the transformative impact of AI-driven advancements.
| # | Company | Sector/Industry | Performance Since Oct. 12, 2022 |
|---|---|---|---|
| 1 | Nvidia Corp. NVDA | Technology/Semiconductors | 1,027.09% |
| 2 | Super Micro Computer Inc. SMCI | Technology/Hardware, Storage and Peripherals | 766.73% |
| 3 | Vistra Corp. VST | Utilities/Independent Power and Renewable Electricity Producers | 477.91% |
| 4 | Palantir Technologies Inc. PLTR | Technology/Software | 438.49% |
| 5 | Fair Isaac Corp. FICO | Technology/Software | 402.64% |
| 6 | Meta Platforms Inc. META | Communication Services/Interactive Media and Services | 352.80% |
| 7 | General Electric Co. GE | Industrials/Aerospace and Defense | 352.11% |
| 8 | Royal Caribbean Group RCL | Consumer Discretionary/Hotels, Restaurants and Leisure | 337.30% |
| 9 | Broadcom Inc. AVGO | Technology/Semiconductors | 314.37% |
| 10 | Arista Networks Inc. ANET | Technology/Communications Equipment | 301.24% |
| 11 | Howmet Aerospace Inc. HWM | Industrials/Aerospace and Defense | 301.24% |
| 12 | Axon Enterprise Inc. AXON | Industrials/Aerospace and Defense | 259.73% |
| 13 | Dell Technologies Inc. DELL | Technology/Hardware, Storage and Peripherals | 265.05% |
| 14 | Uber Technologies Inc. UBER | Industrials/Ground Transportation | 245.36% |
| 15 | Netflix Inc. NFLX | Communication Services/Entertainment | 227.25% |
| 16 | Constellation Energy Corp. CEG | Utilities/Electric Utilities | 217.61% |
| 17 | KKR & Co. Inc. KKR | Financials/Capital Markets | 197.87% |
| 18 | Advanced Micro Devices Inc. AMD | Technology/Semiconductors | 184.85% |
| 19 | Monolithic Power Systems Inc. MPWR | Technology/Semiconductors | 182.71% |
| 20 | Eli Lilly and Co. LLY | Healthcare/Pharmaceuticals | 180.66% |
Only Two Magnificent 7 Stocks Make the Top 20
Despite the significant role the Magnificent Seven—Nvidia, Meta Platforms, Microsoft Corp. MSFT, Alphabet Inc. GOOG, Apple Inc. AAPL, Amazon.com Inc. AMZN, and Tesla Inc. TSLA—have played in shaping market headlines, only Nvidia and Meta managed to break into the top 20 performers.
Others in the group, saw more modest gains, broadly in line with the S&P 500’s rally.
Tesla, notably, has been flat over the last two years, posting a mere 0.26% gain.
| Company | Performance Since Oct. 13, 2022 (%) |
|---|---|
| Nvidia Corp. | 1027.09% |
| Meta Platforms Inc. | 362.71% |
| Microsoft Corp. | 84.42% |
| Alphabet Inc. | 67.32% |
| Amazon.com Inc. | 67.25% |
| Apple Inc. | 64.49% |
| SPDR S&P 500 ETF Trust SPY | 62.55% |
| Tesla Inc. | 0.26% |
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