Entering Q4 2026, the US stock market continues its recent pattern of choppy divergence: the AI theme has cooled off in stages, capital keeps flowing into defensive sectors, and major tech giants are showing clear internal divergence. The growing noise of short-term speculation instead offers a chance for investors to return to the most fundamental question—why are US stocks worth allocating to for the long term? We have previously discussed this topic from the angles of shareholder returns, global capital concentration, earnings reports, and monetary policy. This article takes a more structural perspective: starting from the market breadth of the S&P 500, to understand what is easily overlooked in the long-term value of US stocks
