Category: Blog

U.S. Margin Debt Margin debt is rising fast. Leverage can turbocharge gains in a rally, but it cuts just as hard when sentiment shifts. Investors would be wise to pay attention. Image: Goldman Sachs Global Investment Research

U.S. Breakeven Inflation Rate U.S. breakeven inflation rates are not just easing. They have been falling sharply, pointing to markets pricing in weaker inflation ahead, a welcome sign for stability and growth. Image: Goldman Sachs Global Investment Research

Tech: Capex and Buyback & Dividends Tech capex has now overtaken buybacks and dividends. Are shareholders trading short-term pain for long-term gain? It only works if that spending delivers real returns. Image: Societe Generale Cross Asset Research

S&P 500 Quarterly YoY EPS Growth Relative to Consensus Expectations Consensus sees S&P 500 earnings rising 22% year on year in 2Q 2026, driven largely by strong tech profits. Once again, tech is carrying the market. Image: Goldman Sachs Global Investment Research

S&P 500 Annual Highs Per Month Do not tell the bears that the S&P 500 has never peaked in June. Every other month has, at least once since 1950. If history is any guide, the high may still lie ahead and bulls may not be done smiling. Image: Carson Investment Research

S&P 500 in Gold Terms The S&P 500 priced in gold, often used to track real strength versus currency debasement, broke sharply higher three months ago, pointing to a shift toward stronger risk appetite. Image: Bloomberg

Where Every S&P 500 Dollar Goes 18 cents of every S&P 500 dollar now goes to semiconductors, 33 cents to the Mag 7, and 40 cents to the ten largest holdings. Passive money does not seek bargains, reinforcing concentration in the market’s largest positions. Image: Real Investment Advice

Cash Held by U.S. Households Equity inflows are drawing support from the cash buffers U.S. households amassed during the pandemic, with a large share of those savings yet to be deployed. Image: Deutsche Bank Asset Allocation

Hyperscaler Capex, EBITDA and Net Buybacks Hyperscaler capex is outpacing earnings and starting to bite. Buybacks are slipping as cash is redirected into AI infrastructure, setting up a tradeoff: more upside later, less cash in shareholders’ pockets today. Image: Deutsche Bank Asset Allocation

Gold Futures Gold’s 2026 gains have evaporated as sentiment flipped from rate cuts to higher-for-longer expectations. A stronger U.S. dollar is adding pressure, while forced selling to cover losses elsewhere is accelerating the selloff. Image: The Daily Shot

Cumulative Global Equity Fund Flows Across Regions U.S. equity inflows are holding up well and have picked up pace in recent months, adding fuel to the market’s upward momentum. Image: Goldman Sachs Global Investment Research