S&P 500 and Stoxx600 – Q3 2025 Reporting Season Calendar About 16% of S&P 500 firms report earnings this week, but the real test comes next week, with roughly 44% set to deliver results—a pivotal moment that could set the tone for the rest of the season. Image: J.P. Morgan
Foreign Investor Ownership Share of U.S. Equity Market With foreign investors holding a record 18% of U.S. stocks, they are chasing the American dream, piling into U.S. equities on hopes that President Trump keeps the bull run alive. Image: Goldman Sachs Global Investment Research
Contribution of Sector Groups to S&P 500 Earnings Growth MCG and Tech have all but carried the market lately, fueling nearly 90% of the S&P 500’s earnings growth. Wall Street’s climb is still a tech‑powered story, with breadth across other sectors stubbornly missing. Image: Deutsche Bank Asset Allocation
Median Excess Return vs. S&P 500 on Day After Earnings Report Strong earnings surprises boosted U.S. stocks in 2Q, but with already high expectations entering the quarter, the price reaction was somewhat limited compared to previous quarters. Image: Goldman Sachs Global Investment Research
Performance of the Magnificent Seven Stocks Following a period of underperformance, the Mag-7 index has almost caught up to the S&P 500, reflecting regained investor confidence in U.S. AI giants despite the challenges posed by DeepSeek’s low-cost AI innovation. Image: Deutsche Bank
S&P 500 – Share of Sales Derived from Outside United States The “Magnificent Seven” tech giants are more exposed to global trade risks than the rest of the S&P 500, as 49% of their revenue comes from foreign sales. Image: Goldman Sachs Global Investment Research
Interest Rates – Market Pricing for the Number of Fed Rate Cuts Traders still bet on two 25-basis-point Fed cuts in 2026, assuming the economy keeps its footing and inflation stays tame. Image: The Daily Shot
S&P 500 Index The current rally is underpinned by solid employment data and improving trade sentiment. If the S&P 500 can sustain levels above 6,000, the only major resistance ahead is the all-time high near 6,150. Image: Bloomberg
Buyback Announcements In 2025, U.S. companies are announcing record levels of share buybacks, aiming to return cash to shareholders, stabilize stock prices, and enhance EPS as they navigate economic and policy uncertainty. Image: Bloomberg
Magnificent Seven Stocks vs. S&P 500 Index Since DeepSeek’s emergence in January 2025, the Magnificent Seven stocks have underperformed compared to the S&P 500, driven by AI disruption fears and concerns over capital expenditures. Image: Deutsche Bank
Consensus Earnings Estimates Despite economic uncertainties and potential tariff impacts, downward revisions to 2025 EPS estimates have remained modest, underscoring their resilience. Image: J.P. Morgan Asset Management