Cumulative Change in Consensus 2026 EPS Estimates AI infrastructure stocks have seen 2026 earnings estimates jump 55% since December 2024, versus just 7% for the broader S&P 500. Strip them out and earnings fall 1%.…
Discretionary vs. Systematic Equity Positioning Systematic strategies sit in the 64th percentile, while discretionary investor positioning is at the 58th percentile, pointing to positioning that is not yet crowded and can still expand. Image: Deutsche…
Global Market Implied Equity Risk Premiums With equity risk premiums squeezed in the U.S. and Japan, stocks are offering little extra return over bonds, making the trade harder to justify and raising the odds of…
Ownership of the U.S. Equity Market U.S. households hold 40% of the U.S. equity market. That sounds like broad ownership. In reality, nearly 90% of that stake is held by the wealthiest 10%. Image: Goldman…
Nasdaq 100 Index Contribution in Years of +10-25% When the Nasdaq‑100 rises +10-25% in a year, the gains are usually driven by just three stocks. That is the nature of cap‑weighted indices. Narrow breadth isn’t…
Consensus Hyperscaler Capex Estimates Hyperscaler capex is on track to reach $914 billion by 2028. At that scale, this no longer looks like a typical tech cycle. It starts to resemble a structural shift that…
Performance of S&P 500 Megacap Growth Stocks vs. Rest of S&P 500 Mega-cap growth and tech stocks versus the S&P 500 are pushing higher from the bottom of their longer-term trend channel, and are now…
U.S. ISM Services Prices Paid Index vs. U.S. CPI Inflation (Leading Indicator) The ISM Services Prices Paid Index typically leads U.S. CPI by about three months, offering an early read on where inflation is heading.…
S&P 500 Sector P/E Valuations Relative to History S&P 500 Financials still trade at relatively modest valuations compared with other sectors, while Industrials appear to be carrying a heavy dose of optimism. Image: Goldman Sachs…
Consensus Forward 12-Month S&P 500 EPS Strong Q1 earnings have helped propel the S&P 500 higher this year, boosting investor confidence and supporting higher valuations. Earnings strength still sets the tone. Image: Goldman Sachs Global…
U.S. ISM Manufacturing Index vs. S&P 500 EPS Annual % Change With the ISM Manufacturing Index and S&P 500 earnings growth moving hand in hand, either ISM climbs into the high 50s as the cycle…