The new phase of the bull market -- and how to buy in

The new phase of the bull market is being framed around expanding global conditions, a rotation in equities, and expectations for more supportive macro trends in the second half. Brian Levitt, Chief Global Market Strategist at Invesco, said the first half featured a “very nice” global expansion, with oil costs and interest rates initially lower. He pointed to disruptions from the war in Iran and said inflation expectations have since eased as oil prices came down significantly. Levitt described a broadening led by small caps, noting the Dow delivered its best first half in five years, and argued this could represent a new bull-market phase rather than a temporary move. He cited catalysts such as better global growth, fiscal stimulus in much of the world, and potentially a Fed that stays on hold as enough support. He also highlighted that the AI leadership narrative has shifted, moving from the “Mag 7” toward laggards like Micron, Intel, and other technology names.