The S&P 500 Momentum Index, which tracks recent winners and bets they keep winning, has surged 31.7% over two months. That’s the largest gain in the index’s history, dating back to its inception in 1994.
The rally, ending in May 2026, was fueled almost entirely by AI and semiconductor stocks.
Tech is carrying everything
Technology stocks generated roughly 85% of S&P 500 gains in May 2026. Non-tech sectors? They managed about 3%.
The S&P 500 itself has notched multiple record closes during this stretch, including levels around 7,580. The Nasdaq posted its best two-month performance in decades during April and May 2026. April alone represented the S&P 500 Momentum Index’s largest single-month gain since the benchmark was created.
