The Fwd P/E of the Tech sector is now at PAR with Consumer Staples.
In other words, the market is now valuing Tech at the same multiple as boring/slow growth Staples companies. That has only happened 3 times in the last 7 years: COVID, the 2022 Bear Market, and Liberation Day. Source: David Marlin
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Here are the highest short interest stocks with a market cap of more than $25 billion. Top five are $MSTR, $CHTR, $CRWV, $CVOIN and $KMB Source: Markets & Mayhem @Mayhem4Markets Goldman Sachs
2026 has so far seen the second strongest relative performance for equal weight versus cap weight since 1990
Source: Bespoke
how corporates are shifting their uses of cash.
The biggest standout here is that funds are not being returned to shareholders as before, i.e., dividends and buybacks have certainly taken a hit. Source: Goldman Sachs, Ayesha Tariq, CFA @AyeshaTariq
Apple’s 40-day correlation to the Nasdaq 100 Index tumbled to 0.21 last week, the lowest since 2006, according to data compiled by Bloomberg.
Its correlation with the benchmark has been on the decline since May, when it reached 0.92, as Apple’s decision to mostly sit out the AI arms race has turned it into an outlier compared with many of its rivals. Source: zerohedge
Although global markets have narrowed the gap with the US in recent weeks, US equities still trade at a roughly 40% valuation premium to the rest of the world.
That premium could shrink further if big tech companies lose their capital-light appeal due to rising capex and begin to be valued more like capital-intensive businesses. Source: HolgerZ, Bloomberg
Blue Owl permanently halts redemptions at private credit fund aimed at retail investors
Blue Owl Capital Corp II (OBDC II) has halted regular withdrawals from its retail debt fund, shifting to "episodic payments" after redemptions surged 20% in early 2025. The firm sold $1.4B of assets at near-par to manage liquidity, highlighting strong underwriting despite fund pressures. The case shows that illiquid private loans in retail structures carry risks, and liquidity is crucial when markets tighten. Source: FT
Crazy market stat: The S&P 500 is flat YTD, but there are just 94 stocks in the index up or down less than 5% YTD while there are 117 stocks up or down more than 20% YTD.
Source: Bespoke
