Index Performance – S&P 500, Nasdaq 100, Russell 2000, Mag 7 Investors are still rotating out of mega-cap tech. Since late October 2025, the Magnificent Seven have underperformed sharply, while the broader market has proved far more resilient. Image: Deutsche Bank Asset Allocation
Median Short Interest Across Russell 3000 Stocks Median short interest across Russell 3000 names has surged to multi-year highs as bearish positioning intensifies, setting the stage for a potential squeeze. Crowded shorts have a habit of turning into aggressive buying. Image: Deutsche Bank Asset Allocation
Valuation – Russell 2000 Forward 12-Month P/E The Russell 2000 is full of unprofitable companies, which makes its forward 12-month P/E look pricey at 33x. Strip out the loss-makers, and it falls to 16x. Image: Goldman Sachs Global Investment Research
S&P 500 vs. Russell 2000 – YTD Change in Price, Earnings, and Valuation The S&P 500’s year-to-date total return has been driven entirely by earnings growth, while the Russell 2000’s advance has come roughly half from multiple expansion and half from earnings growth. Image: Goldman Sachs Global Investment Research
Index Performance – S&P 500, Nasdaq 100, Russell 2000, Mag 7, S&P 600 The Mag-7 has weighed on U.S. indices since October 2025, with selling pressure accelerating in June as investors began to question returns on heavy AI spending and stayed wary of a hawkish Fed. Image: Deutsche Bank Asset Allocation
Annual U.S. Equity Issuance as % of Russell 3000 Market Cap “$600 billion in U.S. equity issuance in 2026” grabs attention and feeds the doom narrative. But relative to the total value of U.S. equities, it is not that large. Big number, yes, but scale matters. Image: Goldman Sachs Global Investment Research
Share of Russell 3000 Firms Discussing Layoffs During Quarterly Earnings Calls You won’t hear much about layoffs on earnings calls these days, a hint that management still sees blue skies for growth. Talk of job cuts usually comes when profit margins start to thin. For now, steady headcount says it all. Image: Goldman Sachs Global…
Russell 2000 Annual EPS Growth Analysts are betting big on 2026, forecasting a 60% surge in U.S. small-cap earnings, fueled by Fed easing, deregulation, and fiscal tailwinds. Image: Goldman Sachs Global Investment Research
Median Stock Short Interest as % of Market Capitalization – Russell 2000 vs. Nasdaq 100 vs. S&P 500 Short sellers are crowding into U.S. small‑caps, where weaker balance sheets, higher borrowing costs, and exposure to slower growth make easy targets. Image: Goldman Sachs Global Investment Research
S&P 500, Russell 2000, Stoxx 600 and EM Equities – 12-Month Forward EPS Consensus Estimates Market leadership is widening. U.S. small-caps are catching up fast as EPS growth fires up in both the S&P 500 and Russell 2000—a clear sign the rally is broadening beyond the tech giants. Image: Societe Generale Cross Asset Research
Russell 2000 Net Futures Contracts Asset managers and leveraged funds hold large net short positions in Russell 2000 futures despite recent small-cap gains, creating conditions for potential short covering that could trigger further upward momentum in small-cap futures. Image: Deutsche Bank Asset Allocation