Wallstreetcn Analysis: The US stock bull market has cumulatively risen 131% over four years, but market breadth has narrowed to historical lows, with interest rate pressure and concentration becoming major risks.

Wallstreetcn analysis indicates that since its bottom in October 2022, the S&P 500 has delivered a cumulative total return of 131% in the current US stock bull market. However, data from Ned Davis Research shows that the current market breadth of the S&P 500 (percentage of advancing stocks) has fallen to a historically low level. Market research firm The Kobeissi Letter analyzed that since the beginning of 2024, 42 AI-related stocks have contributed approximately 67% of the S&P 500's price return. Apple, Microsoft, and NVIDIA combined account for about 22% of the S&P 500's total market capitalization, a significant increase from the end of 2022. Concurrently, US government bond yields have risen to a 24-year high. High interest rates, energy inflation risks, and an extremely concentrated market structure have narrowed the market's margin for error. Although historical data suggests that the "age" and magnitude of a bull market are not inherently risks of its end, whether interest rate pressures can ease and market breadth can recover have become critical short-term variables.