Magnificent Seven Minus S&P 500 ex Magnificent Seven EPS Growth After years of leading, the Magnificent Seven’s EPS growth has cooled to the point where the rest of the S&P 500 is now growing faster, reversing the 2023–2025 dynamic. Image: J.P. Morgan
FX Impact from AI Disruption to Services As AI pushes the marginal cost of cognitive work lower, the UK stands out: its services-heavy economy leaves sterling the most exposed to disruption. Image: Deutsche Bank
Equity Risk Premium In the U.S., the equity risk premium has shrunk to the point where stocks barely compensate investors for taking risk over bonds. That weakens the bull case for equities and sets the stage for more disappointment. Image: The Daily Shot
Change in Consensus 2026 S&P 500 EPS S&P 500 EPS forecasts for 2026 surged, with upward revisions accelerating after the U.S.–Iran conflict erupted, even as geopolitical and macro risks climbed. Image: Goldman Sachs FICC & Equities
$100,000 over 30 Years: The Fund vs. The Average Investor U.S. funds returned an annualized 8.2%, but the average investor earned only about 7.0%. Much of the gap came from poor timing: buying after prices had risen and selling after they fell. Image: Real Investment Advice
S&P 500 Sectors Announced Buybacks (Last 3 Months) Over the past three months, buyback announcements have been led by Financials, Tech and Industrials, which together make up most of the repurchase activity in U.S. equities. Image: Deutsche Bank Asset Allocation
S&P 500 Implied Correlation The S&P 500 may be rising as a whole, but individual stocks are telling very different stories. As correlations fade, fundamentals are starting to matter again. Image: Goldman Sachs Global Investment Research
Commodities (Oil, Gold, Copper) – Commodity Net Long Positioning Momentum in gold and copper is firmly with the bulls as net-long positions build. The trend still has legs, but this isn’t an early-cycle trade anymore. Image: Goldman Sachs Global Investment Research
S&P 500 3-Month Option-Implied Volatility Single-stock volatility in the S&P 500 has eased from July’s extremes but remains above its long-term average, while index volatility is still relatively calm. Image: Goldman Sachs Global Investment Research
Valuation – S&P 500 NTM P/E Trading at 15 times forward earnings versus 19 for the benchmark, the S&P 500 equal-weight index still isn’t a bargain, but the discount makes it look more attractive. Image: Goldman Sachs Global Investment Research
S&P 500 Weekly Announced Buybacks While the pace of new S&P 500 buyback announcements has cooled in the past few weeks, overall buyback activity in corporate America remains firm, providing steady support for stocks. Image: Deutsche Bank Asset Allocation