Goldman Sachs assessed that the US stock market's bull run momentum remains strong despite recent declines, according to a Yahoo Finance report. The investment bank stated that market momentum is still robust and that more negative news would be needed to defeat the bulls. The S&P 500 has risen 95% since the end of 2022, with the current bull market ranking in the top 10% of bull markets observed since 1928. The assessment comes as the market experienced significant volatility over the past 5 trading days, during which the memory semiconductor sector lost $1.5 trillion in market capitalization since last month's 25th.
Goldman Sachs Confirms Strong Bull Market Momentum in S&P 500
Goldman Sachs reported that the S&P 500 has climbed 95% since the end of 2022, placing the current bull market in the top 10% of all bull markets since 1928. Historical data shows that the top 25% of bull markets gained only 50% over comparable periods, while the median bull market achieved 35% returns over three and a half years. The S&P 500 has risen 51% since its April 2025 low. The Kobeishi Letter separately analyzed that market momentum is incredibly strong.
![Current bull market momentum (green line) Source: Yahoo Finance]()
Memory Semiconductor Sector Loses $1.5 Trillion Since Last Month
The memory semiconductor sector, which was the hottest theme this year, lost $1.5 trillion in market capitalization since last month's 25th. Micron alone saw its market capitalization decline by nearly $350 billion. SanDisk, Intel, Applied Materials, and Lam Research each decreased by over $100 billion in market capitalization.
Trump Iran Blockade Announcement and Netflix Results Impact Market
US President Donald Trump's announcement to restore blockade measures on Iranian ships passing through the Strait of Hormuz caused oil prices to surge and triggered broad market selloffs. The announcement reminded investors that geopolitical risks remain active and that rising oil prices would significantly complicate the Federal Reserve's interest rate cut decisions. Netflix delivered a second consecutive quarter of below-expectation results, adding further pressure to the market according to Yahoo Finance.
FAQ
What did Goldman Sachs say about US stock market momentum?
Goldman Sachs stated that market momentum remains strong and that more negative news would be needed to defeat the bulls. The investment bank noted that the S&P 500 has risen 95% since the end of 2022, ranking the current bull market in the top 10% of all bull markets since 1928.
How much market capitalization did the memory semiconductor sector lose?
The memory semiconductor sector lost $1.5 trillion in market capitalization since last month's 25th. Micron alone declined by nearly $350 billion, while SanDisk, Intel, Applied Materials, and Lam Research each lost over $100 billion in market capitalization.
What impact did Trump's Iran blockade announcement have on markets?
Trump's announcement to restore blockade measures on Iranian ships passing through the Strait of Hormuz caused oil prices to surge and triggered broad market selloffs. The announcement highlighted ongoing geopolitical risks and complicated the Federal Reserve's interest rate cut considerations due to rising oil prices.
