The bull market turns 4, plus Starbucks says it’s not buying Chipotle | The 8:30

The bull market turned 4 on October 12, 2026, and Julie Hyman, Jake Conley and Pras Subramanian look at how far it has run, from about $30 trillion to $70 trillion in market cap, who has led it and whether earnings season can broaden it out. Plus a preview of bank earnings, Salesforce and Adobe moving in opposite directions on analyst calls over AI, Adobe’s CEO transition, and why “The Social Reckoning” opened to just $5.5 million. Also: Trump’s energy ceasefire with Russia, Houthi strikes on Riyadh, CPI week, Microsoft’s Maia 300 chip, Amazon’s deal with Decart, IREN’s reported Anthropic cloud deal and Starbucks saying it’s not buying Chipotle.

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00:00 Columbus Day: Stocks open, bond market closed
00:25 The bull market turns 4
01:38 What it takes to end a bull market
02:15 Are we halfway through?
02:51 Market cap from $30 trillion to $70 trillion
03:11 How concentrated is the AI trade?
04:07 Can earnings broaden the rally?
04:24 The bull market’s best performers
05:48 The bull market’s worst performers
06:58 Sector gains
07:18 Earnings season, the Iran war and yields
09:11 Bank earnings preview
13:36 Salesforce and Adobe move in opposite directions
17:30 Adobe’s CEO transition
18:09 The AI slop backlash
19:28 Adobe’s pricing
20:24 “The Social Reckoning” opens to $5.5 million
22:27 Too much tech content?
29:57 Trump’s energy ceasefire and Russian diesel
32:11 Trump calls for a new Ukrainian president
33:54 Russian bots
35:09 Houthi strikes on Riyadh airports
36:23 The Iran link and the Bab el-Mandeb
38:36 CPI this week
39:43 Microsoft’s Maia 300 chip
44:53 Amazon’s deal with Decart
48:07 IREN rises on a reported Anthropic cloud deal
49:21 Gavin Baker on $1 trillion in unfunded commitments
50:39 Starbucks: “We are not buying Chipotle”
52:01 Portmanteau time

#StockMarket #BullMarket #BankEarnings #Starbucks #YahooFinance

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