S&P 500 Technical Composite A composite of technical breadth measures still places the S&P 500 in neutral territory, not yet deeply overbought or oversold, so the current uptrend remains intact for now. Image: MarketDesk Research
Mega-Cap Growth & Tech Positioning Investors are piling back into mega-cap growth and tech, driving positioning up to the 79th percentile. Image: Deutsche Bank Asset Allocation
S&P 500 Index and Technical Score The S&P 500 is still overbought at 88.65, as investors pile into more equity risk. While not at the most extreme levels seen in recent history, the stretch is enough to restrain upside over the next few weeks. Image: Real Investment Advice
Tech: Capex and Buyback & Dividends Tech capex has now overtaken buybacks and dividends. Are shareholders trading short-term pain for long-term gain? It only works if that spending delivers real returns. Image: Societe Generale Cross Asset Research
U.S. Technology Sector Fund Flows Tech funds are acting like a magnet for capital. U.S. inflows have surged to multi-year highs, with roughly $25 billion pouring in over the past four weeks. Sentiment is running hot. What could go wrong? Image: Goldman Sachs Global Investment Research
ROE for Mega-Cap Tech and the Rest of the S&P 500 Mega-cap tech’s return on equity is expected to face headwinds and decline through 2028, while the rest of the S&P 500 sees ROE trending higher. Image: Goldman Sachs Global Investment Research
Large Cap MCG & Tech Positioning vs. Earnings Growth The unwind has left positioning in large-cap tech lagging earnings growth, creating space for the rally to push higher if revisions hold and macro risks stay contained. That dynamic may attract additional flows into equities. Image: Deutsche Bank Asset Allocation
U.S. Tech Media Telecom Valuations vs. ROE Investors are still willing to pay a premium for U.S. tech, media, and telecom stocks, and with robust returns on equity, those valuations look broadly justified. Image: Goldman Sachs Global Investment Research
Discretionary Positioning and Ex-MCG & Tech Earnings Growth Discretionary positioning continues to lag earnings growth beyond MCG and Tech, leaving upside on the table if revisions hold and macro risks stay in check. Image: Deutsche Bank Asset Allocation
U.S. Tech Sector Share Buyback Announcements There’s no sign of a pause in U.S. tech buybacks, as strong earnings keep the pipeline active. That’s a tailwind for shareholders, and as long as profits hold up, the pace is unlikely to fade. Image: J.P. Morgan Flows and Liquidity
Change in 12-Month Forward EPS for S&P Tech Sector Firms Nearly all of the year-to-date increase in S&P tech forward earnings traces back to SanDisk and Micron. Excluding those names, revisions look subdued and the growth narrative starts to look less convincing. Image: Bloomberg