BCA Research said history favors a bullish bias, noting that when earnings growth is positive, the S&P 500 rarely declines. Still, BCA Research flagged a key risk, with over the long run, great new technologies "do not necessarily equate to highly profitable companies." Ultimately, BCA Research said the capex trade "will eventually end, likely in a destructive way," but for now, economic and fundamental tailwinds will prevail. Related articlesBuy dips or sell strength in 2H 2026? BCA Research answersCiti pushes back Fed rate cuts to May after blowout January jobs reportGoldman expects lower but still attractive stock market returns in 2026