Valuation – S&P 500 CAPE Ratio Valuations don’t matter until they do. Across 150 years of market history, stretched valuations have been a reliable warning sign, with each of the past three peaks followed by…

S&P 500 Trailing 4-Quarter Net Profit Margin (Ex. Financials) With S&P 500 profit margins holding near 13% and rates still low, equity valuations have more room to breathe. Goldman Sachs now expects 7% annual returns…

Hyperscaler Capex, Operating Cash Flow and Free Cash Flow Big Tech’s five hyperscalers are now investing beyond their operating cash flow. The narrative has flipped from “can they afford it?” to whether the AI buildout…

EPS Revisions Since the start of the year, EPS revisions have trended higher across the S&P 500, STOXX 600, Topix and especially MSCI EM, as confidence in 2026 earnings builds. Image: Goldman Sachs Global Investment…

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:…

Hyperscaler Quarterly Capex Growth Goldman Sachs thinks Wall Street is too conservative on 2027 hyperscaler capex, with the AI spending boom likely to run hotter for longer. Image: Goldman Sachs Global Investment Research

Positions in S&P 500 Equity Futures by Asset Managers Equity positioning looks stretched. Asset managers have pushed long exposure in U.S. stock futures to its highest level, showing stronger risk appetite but also leaving the…

S&P 500 Return During July July has been kind to U.S. stocks, rising for 11 straight years and delivering an average gain of 3.2%. Can the streak continue? Image: Carson Investment Research

Earnings Growth – Mag 7 and S&P 500 ex-Mag 7 The Magnificent Seven are on pace for 38% earnings growth this year, versus 19% for the rest of the S&P 500. With tech momentum still…

S&P 500 Company Guidance vs. Consensus Growth Expectations Into Earnings Seasons Consensus S&P 500 earnings growth heading into Q2 stands at 26.2%, a record for a pre-reporting period outside recession recoveries, driven in large part…

Revision to Consensus Hyperscaler Year/Year Capex Growth 2027 capex is still a moving target for hyperscalers. They look more likely to overshoot than undershoot on AI spending, which could keep AI-driven inflation stickier for longer.…