We’ve officially entered buyback blackout season in the US
Roughly one-third of SP500 companies are already restricted from repurchasing shares as of today. That figure will climb rapidly, peaking near 80–85% by mid-October. This matters because buybacks are one of the biggest sources of demand for equities. Source: StockMarket.news
Goldman $GS, Citi $C, and Interactive Brokers $IBKR are all up 40%+ year-do-date.
Source: Bespoke
Apollo just released a report titled: 'The extreme weight of AI in the S&P 500'
Here's the key message: Source: Niko Ludwig @Collateral_com
In case you missed it...
Canada is up 25% in 2025, driven by strength in financials and mining stocks: Source: J-C Parets, Trend Labs
S&P 500 - How does the rally compare to history?
-The 4th strongest rally vs all other bulls (82, 09, 20 were >). -The STRONGEST recovery excluding recessionary cases. At 116 days w/o a 6% pullback, the rally has gone farther than all but two early-stage bulls (1966 & 1957). Source: Warren Pies @WarrenPies, 3Fourteenresearch
On September 30, 2025, Nvidia will file its 13F form.
This report will list the companies Nvidia has invested in. Here are Nvidia’s current investment stakes: Source: graniteshares
Jeff Weniger went through all the cycles back to 1974.
In the 12 months after the first rate cut, Consumer Discretionary went on to beat the market in 75% of the observations. Poor performers included Energy and Utilities, which beat the market in only 17% and 25% of the 12-month windows, respectively. Source: Jeff Weniger
Lot of talk how valuations are 'high'.
Here's another reminder there is virtually no correlation between P/E multiples and what the S&P 500 does the next year (R-squared of -0.01). Source: Ryan Detrick, Carson
