Resilience can be used to describe U.S. equity performance over the past year — including the third quarter, as markets surged past record highs despite numerous potential sources of volatility.

Largely fueled by optimistic investor sentiment around the AI boom, robust corporate earnings, and expectations of further interest rate cuts, the U.S. stock market continued its bull run that began in early 2023. The artificial intelligence (AI) boom is continuing to drive growth in the technology sector, dominated by the “Magnificent 7” (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla). In addition to the AI boom, strong corporate earnings and the Fed lowering interest rates for the first time this year also helped the market rally this quarter.

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