U.S.-Listed ETF Cumulative Flows by Year More than $1.5 trillion has flowed into U.S.-listed ETFs so far this year, a record for this point in the calendar. If the buying continues, inflows could reach $2.3…

Consumer Sentiment Index and Subsequent 12-Month S&P 500 Returns Bad moods can be good news for stocks. When consumer confidence sinks, as it is today, pessimism may already be priced in, leaving markets room to…

U.S. Economic Forecasts Two Fed rate hikes are in Deutsche Bank’s forecast. The bank sees the U.S. economy holding up through 2028 and expects a 25 bps hike in December 2026 and another in March…

Hyperscaler Cloud Revenue Backlogs Hyperscalers’ backlogs keep growing as cloud and AI demand accelerates. For now, the orders are there, but that’s not proof the spending will pay off. Image: Goldman Sachs Global Investment Research

Consensus EPS Growth Estimates U.S. small caps are poised to lead Wall Street’s earnings race, with profits forecast to surge 31% in 2026 and 50% in 2027. S&P 500 earnings are expected to grow 33%…

Average Annual Real Return over the Following 10 Years, by Starting CAPE Valuation High starting CAPE valuations have often preceded disappointing returns for U.S. stocks, creating a particularly risky backdrop for investors just entering retirement.…

S&P 500 Performance After a Negative Q1 and Then a >10% Q2 If history is any guide, the rally may have more room to run. Since 1950, the S&P 500 has finished higher in every…

Average Cumulative S&P 500 Total Returns – Invest on Any Day vs. Invest at a New High When markets hit record highs, many investors step back. That caution has often come at a cost: buying…

Performance – MCG & Tech Ratio to the Rest of the S&P 500 The rotation into Tech has been powerful, but the rally may still have fuel left. Continued earnings strength in AI infrastructure, cloud…

Hyperscaler Cloud Revenue Cloud revenue growth at the hyperscalers hit 48% in Q2. Goldman Sachs equity analysts forecast 55% in Q3. It’s an encouraging sign, but not proof that the AI spending boom will pay…

NASDAQ 100 vs. Tech Capex The Nasdaq 100 turned lower in 2000, nine months before tech investment as a share of U.S. GDP peaked. Will this time be different? Image: BCA Research