The only precedent for when the S&P 500 has been at record highs while fewer than 60% of stocks were above both their 50- and 200-day moving averages: December 1998-March 2000.
Source: Bespoke Invest
21Shares lnc. is going live TODAY 12th of May with their Hyperliquid #ETF Ticker $THYP US Fee 30bps.
Source: Bloomberg, Eric Balchunas
Stocks vs. Housing Performance since the 1970s
Source: Barchart
Seems like another AI chipmaker IPO is on its way with Cerebras.
Source: Bloomberg
In case you missed it.... KKR Funds Loses $560 Million In 3 Months
The WSJ reports KKR’s big private-credit fund for regular investors just took a $560 Million bath (10% of its value) as loan defaults jumped to 8.1%. KKR's largest private-credit fund, primarily held by individual investors, experienced a significant $560 million loss in the first quarter due to an increasing number of loan defaults. Wall Street Journal (Markets) posted on X that this development highlights the challenges faced by private-credit funds as economic conditions fluctuate. The fund, which has been a popular choice among individual investors seeking higher yields, has been impacted by the financial instability of several borrowers. KKR share price has been cut in half and it’s now junk-rated.
Asset class returns as of 8/5/2026
Source: Charlie Bilello
Nomura's McElligott says there's a "new 60/40":
"Government bonds no longer work as your Risk-Asset / Long Asset Beta Hedge in a world of “Sticky Higher Inflation”... “The New 60/40” is a 50/50 Equities Barbell Long between AI Semis and Energy…. where Energy insulates on the Global “Supply Shock” and “Molecule Shortage” as the risk-off vehicle in the current backdrop, against the risk-on component being a world where AI Hyperscalers are going from $600B of Capex in 2026 to upwards of ~$1 TRILLION in 2027 and “Chasing Compute”. Source: Neil Sethi
Factset notes that Mag-7 GAAP earnings growth for Q1 is now expected to come in at an astounding +61.0% up from 22.4% at the end of the quarter
(March 31st) with 4 of the top 5 contributors to SPX earnings growth coming from this cohort (Alphabet, NVIDIA, Amazon and Meta, the other is Micron) That said, Factset notes that the three of those who have reported though each were boosted by one-time non-cash items: "The (GAAP) EPS actual for Alphabet for Q1 2026 included a net gain of $37.7 billion primarily due to net unrealized gains on non-marketable equity securities. The (GAAP) EPS actual for Amazon.com for Q1 2026 included pre-tax gains of $16.8 billion included in non-operating income from investments in Anthropic. The (GAAP) EPS actual for Meta Platforms for Q1 2026 included an $8.03 billion income tax benefit." Source: Factset, Neil Sethi
