Wall Street’s Hottest Streak in 75 Years Crashed Into a Bubble Call

Stocks are off to their best start in years, but not everyone is happy. Amid the market froth, Bridgewater’s Ray Dalio called it “classic bubble stuff” as a strong jobs report sent Treasury yields soaring. That caused stocks to log their worst week in over a year, proving this heat can get cold fast.
- Fueled by chip stocks, the average US stock fund is up 11.5% this year — after a 10.3% April and a 4.4% May return pushed gains into double digits.
- According to LPL Financial, the S&P 500’s ~19% nine-week advance was the strongest streak in 75 years — while prior streaks averaged just 10.4%.
The rout, decoded: After such gains, the crash hit unevenly. The equal-weighted S&P 500 slipped 0.5%, vs. the cap-weighted index’s 2.6% drop, because healthcare (+2.3%), financials (+1.3%), real estate (+1.5%), and consumer staples (+1%) stepped in as tech stumbled. Those sectors lean on the broader economy rather than AI spending, so the same strong jobs report that spooked tech investors actually works in their favor. Whether that holds depends on this week’s CPI and PPI reports — and how markets react to SpaceX’s record-breaking IPO.




