Did Nvidia And Operation Epic Fury Mark The S&P 500 Peak? The Global Rotation Continues

2026-03-02 13:43:34 ET

Nvidia Corporation ( NVDA ) reported strong earnings on Thursday and then declined 4% on Friday. When stocks no longer positively respond to good news, seasoned investors believe that all the good news is priced in, and downside risks are increasingly elevated. On Friday evening, Operation Epic Fury—the United States’ and Israel's joint attack on Iran—began. This massive military operation designed to defang and decapitate Iran’s leadership raises market risks sharply and will create an environment of uncertainty for months. These two factors should weigh on the S&P 500 (SP500), whose CAPE ratio is 39.8, a near record high, and could possibly mark a top in the S&P 500 and MAG 7 for this bull market....

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