Vanguard S&P 500 ETF

VOO

Market cap $855B

I use junk bond yields as a leading signal to gauge equity market risk. Their sensitivity to investor risk appetite complements traditional indicators like P/E ratios.

Over the past year, UltraPro S&P 500 ETF has gained 26%. Vanguard S&P 500 ETF has risen nearly 15% over the past year.

The S&P 500 slipped back below its 50-day moving average to end the week, marking the index's seventh cross of the key trendline this February. The index finished the week with a loss of -0.4% and is now 1.43% off its all-time high from January 27, 2026.

The S&P 500 Index slipped 1% in February, but SMID-caps and international equities delivered strong positive returns, highlighting the value of diversification. Bond markets rallied with AGG up nearly 2% as Treasury yields fell to multi-month lows, while high-yield spreads widened on private credit concerns.

CNBC's Morgan Brennan reports on markets rotating out of tech into broader sectors, with the S&P 500 Equal Weight Index at a record high as utilities, energy, and transports lead gains while communications and discretionary lag.

The AI trade has gotten stretched—and the market has plenty of other things to worry about.

S&P 500 performance has been heavily driven by the performance of tech stocks over the past few years. In 2026, tech has taken a back seat, while more defensive and value-oriented sectors have taken over.

The US indices are all relatively flat in the early hours of Friday, as we look for the next move in America.

The Vanguard S&P 500 has an average annual return of 14.8% and an expense ratio of just 0.03%. The fund provides diversification among 500 companies across many sectors.

U.S. stock futures fell on Friday after a mixed close on Thursday. Futures of major benchmark indices were negative.