If Jerry Seinfeld were to deliver a monologue on the current state of Wall Street, he’d likely point out that for the last six months, we’ve been living in a market about nothing. After all, his hit TV series from the 1990s was billed as “a show about nothing.” Yet, like the current U.S. stock market, it was very, very popular.
The S&P 500 Index ($SPX) has effectively gone on a vacation, oscillating within a narrow band that has left both bulls and bears waiting for a punchline that never arrives. The SPDR S&P 500 ETF Trust (SPY) has traded between $650 and $700 during that time, and with Monday’s close around $668, it sits just $3 a share above its high point from Sept. 22, 2025. Six months of nothing!
