Robinhood's Stephanie Guild on if the bull market still has room to run into 2026

Market Outlook - The company anticipates a strong year in 2026, but does not expect returns to match the S&P level seen in previous years, predicting around 8.7% growth for the S&P 500, reaching approximately 7500 points [2][3]. - There is a noted decline in net buying from customers since the peak period around October 29, but overall participation remains high [2][3]. Sector Performance - The technology sector is projected to grow at 27%, significantly higher than its historical average of 12% since 2011, indicating high expectations already built into tech stocks [6]. - Other sectors are expected to outperform tech, suggesting a more diversified support for S&P growth in the upcoming year [6][7]. Global Market Trends - The MSCI All Country World Index, excluding the United States, has outperformed the U.S. market by the widest margin since the 2009 financial crisis, indicating strong international investment opportunities [11]. - Europe has seen significant returns primarily due to euro appreciation against the dollar, but this trend may be stabilizing [12]. - There is bullish sentiment towards Japan and the Chinese tech sector, with expectations of continued growth and attractive valuations in Asia [13][14].