Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAdam Levy, The Motley FoolSun, July 5, 2026 at 5:14 PM GMT+2 4 min readDespite a growing number of headwinds, the S&P 500 (SNPINDEX: ^GSPC) has continued its march higher in 2026. The benchmark index was up 9.6% through the first half of the year, even amid an ongoing war in Iran that sent oil prices spiking. While we expected the Fed to lower interest rates in 2026, it's now more likely we'll see one or two interest rate hikes before the end of the year. Meanwhile, stock valuations have climbed to their highest level in history, outside the dot-com bubble, according to certain measures.But the biggest warning signal that the bull market may be closer to the end than the start is coming from three companies: Space Exploration Technologies (NASDAQ: SPCX), better known as SpaceX, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), Google's parent company, and SK Hynix, one of the leading memory chipmakers.Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »Here's what investors need to know.Image source: Getty Images.The above three companies all made history in recent weeks.Alphabet issued $85 billion worth of stock on June 2, the largest public equity raise in Wall Street history.SpaceX outdid Alphabet with its initial public offering on June 12, which ultimately raised $86 billion after the underwriters exercised their option to buy additional shares, making it the biggest IPO in history.SK Hynix, a Korean company, is set to list American depository receipts on the Nasdaq in a few weeks, raising up to $29 billion. That would be a record amount for an ADR.These companies are seeking substantial capital from investors. And not only are they receiving it, but they're getting even more than they initially asked for. Alphabet initially planned to raise $80 billion, and SpaceX's IPO was meant to raise $75 billion. Combined, the three companies will raise about $200 billion.$200 billion in cash doesn't just appear out of nowhere. Investors have to sell other assets to put up that money. Most likely, they're selling other securities, which will put pressure on the rest of the stock market. With more giant IPOs coming down the pipeline and more SpaceX shares entering the market post-lockup, there's still a huge amount of money that will shift in the market.But these equity raises may signal something that could have a much bigger impact on long-term stock returns from here.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info