IPO and SPAC Craze Have the Makings of a Market Top

Oil prices reverse 80% of the wartime run-up, and gold sentiment indicators go from 100 in January to 0 today

Key Takeaways

• The Market’s 1999 Echo Gets Louder: Only 35% of the S&P 500 constituents have beaten the index so far in 2026. In the past two months, eighteen of the top twenty performing stocks have been in the Tech sector. Flows into indexed funds have totaled more than $600 billion so far this year as FOMO has taken over, yet again. The mega-cap IPO craze has now been joined by a massive bounce-back in SPACs — globally, 44 SPAC mergers have been announced so far in 2026, worth $37 billion — compared to 33 deals covering $15 billion in this same period a year ago. Party like it’s 1999!