June 30, 2026, 6:21 AM EDT. The S&P 500 is up almost 77% in three years, driven mostly by big tech stocks riding the AI wave. The top 10 names now make up more than 40% of the index, the highest level ever. The so-called 'Magnificent Seven' tech firms, all worth more than $1 trillion, have steered recent swings. Since May 2026, the index is down nearly 3%, even as the rest of the market saw a 2.5% gain. While talk of a tech bubble continues, analysts looking back at the dot-com bust and the Great Recession note the market's long-term strength, with the S&P 500 up more than 700% since 2000. They say staying patient through volatility matters.
