S&P 500 Company Guidance vs. Consensus Growth Expectations Corporate guidance points to another upcoming quarter of robust earnings growth for the S&P 500, driven largely by continued strength in tech. But a pullback in AI…

Hyperscaler Capex Estimates by Year Wall Street keeps underestimating the scale of hyperscalers’ AI spending. What looked like a temporary surge is turning into a multiyear race for data centers, chips, networking capacity and power.…

3-Month Peak to Trough Decline in Hedge Fund Gross Leverage Hedge funds cut exposure aggressively in July, triggering one of the sharpest de-grossing episodes of the past decade and a steep selloff in their most…

U.S.-Listed Spot-Gold ETF Fund Flow vs. Spot Performance Gold ETFs are back on investors’ radar as retail demand improves, central banks continue accumulating the metal and the macro backdrop remains favorable. Image: Goldman Sachs Global…

Short Interest as % of Market Capitalization S&P 500 Median Short interest in the median S&P 500 stock stands at 3.2%, elevated but consistent with hedging flows rather than a bearish conviction trade, and still…

S&P 500 CAPE Ratio vs. Subsequent 10 Year Annualized Real Return The S&P 500 is now sitting at a Shiller CAPE level that has only shown up during the market’s priciest episodes. History points to…

Valuations – S&P 500 Sector Forward P/E Energy remains the market’s valuation laggard, while Industrials, Healthcare and Consumer Staples are already priced for a lot of optimism. Image: The Daily Shot

Large Cap Healthcare Positioning Large-cap healthcare positioning sits at the 55th percentile, just above neutral and far from crowded, leaving room for buyers to add. Image: Deutsche Bank Asset Allocation

G7 Budget Deficits, Share of GDP The U.S. is running by far the largest budget deficit among G7 economies when measured relative to GDP, and projections show little improvement over the next few years. Image:…

S&P 500 Earnings Revisions vs. U.S. PMIs The U.S. macro picture remains solid for now, reinforcing the optimism spreading across Wall Street. Image: Topdown Charts

Share of Global Market Capitalization The U.S. accounts for just 4% of the world’s population, but it commands 63% of global equity value. Its innovation engine keeps pulling in foreign capital. Global markets, as ever,…