Closing Bell Overtime: Four-Year Anniversary of the Bull 10/12/26

Despite chip and software disruption fears, strategists see solid Q3 fundamentals and underestimated bullish setups across tech, banks, and broadening equity leadership.

• Four-year bull market: S&P 500 up ~120% and Nasdaq up 160%+ since 10/12/2022 lows; HSBC's Max Kettner argues PE compression, triple-C credit above 1,000bps, and EM sell-offs already price in bad sentiment ahead of Q3 earnings.
• Software split: BofA's Tal Liani double-upgraded Salesforce (PT $285) on its AI orchestration/interface stack, while Wells Fargo double-downgraded Adobe to underweight (PT $225) citing CIO survey budget-share losses and CEO transition risk.

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