Stocks are once again in a bull market, with the S&P 500 now up more than 20% since October's lows. Nearly all of the recent rally can also be attributed to the index's top 10 stocks, he said. "During the late-90s tech bubble, over one-third of returns came from these mega-cap stocks," Wool said. "In the recent bull run, by contrast, almost the entire market return was accounted for by just ten companies' performance." A 15% decline would put the S&P 500 at 3,800.

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Persons: Stocks, Rayliant's Phillip Wool, Wool, Phillip Wool, Solita, Louis, …, Lauren Goodwin, Morgan Stanley's Mike Wilson, it's, Morgan Stanley's Wilson, Piper Sandler's Michael Kantrowitz Organizations: UBS, LPL Financial, Conference, Federal Reserve Bank of St, Louis The Conference, Wool, Treasury, Federal Reserve, New York Life Investments, CME Group