One equity market tailwind is coming back...
Roughly 80% of corporates are out of the buyback blackout period Source: Bloomberg
Fascinating study from Bloomberg: S&P Equal Weight outperformance was extremely rare historically:
1999-2002 Dotcom 2009 Post GFC 2020-2021 Covid “Those cases accompanied major shifts in the market.” “Equal-weight S&P managed to maintain some outperformance 250 days later.” “The big question: whether this is the start of an extended period of sharp moves around AI disruptors, and the disrupted.” Source: Macrocharts, Bloomberg
Make or break in NASDAQ
NASDAQ futures are now pressing the lower end of the range. We’re well below the 100-day, with the 200-day sitting just beneath, making ~24,500 in futures the clear make-or-break level. Source: LSEG Workspace TME
Fascinating chart from Goldman Sachs showing how stocks of newspaper companies started to move downward before their earnings took a hit.
Make or break in NASDAQ
Equity Put/Call Ratio jumps to highest level this year and one of the highest levels since June
Source: Barchart
The hyperscaler debt explosion:
Source: Brian Sozzi @BrianSozzi
Wow Hedgefunds are smashing the buy button on Asian stocks.
These are the biggest inflows in years. 🤑 International markets continue to see a lot of interest. Markets & Mayhem @Mayhem4Markets Via @GoldmanSachs
AI FEARS OVERDONE IN SOFTWARE
JPMORGAN: AI FEARS OVERDONE IN SOFTWARE JPMorgan says the selloff in software stocks is overblown, driven by unrealistic fears of near-term AI disruption. Strategists recommend rotating back into high-quality, AI-resilient names. They cite strong fundamentals, high switching costs, and positive earnings trends, naming Microsoft and CrowdStrike as beneficiaries. With 2026 earnings growth forecast near 17%, the team sees a rebound opportunity. Source: *Walter Bloomberg @DeItaone
