The Market in Pictures, August 29

Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from small-cap strength to earnings season, interest rates and housing, and tariffs and energy flows. Have a great long weekend!

Dave: It was a good month for stocks of all sizes and styles

Brett: with small caps making up a bit of their shortfall vs. large caps

Source: Bespoke as of 08.28.2025

Dave: An important piece of both the earnings AND valuation stories is the strength in profit margins

Source: Strategas as of 08.26.2025

Jake: resulting in broad earnings improvement

Data as of 08.26.2025

Brad: and an aggregate earnings number now back above the levels expected before Liberation Day

Source: Strategas as of 08.18.2025

Ten: As a whole, volatility in bond markets has become muted

Data as of 08.27.2025

John Luke: though under the surface, there has been a significant steepening of the yield curve

Data as of 08.27.2025

Arch: The theme of higher long-term rates is becoming a global one

Data as of 08.26.2025

Brian: as is a global lack of concern that bonds may default

Data as of 08.26.2025

Beckham: We’re finally seeing a break lower in the spread between Treasury yields and mortgage rates

Source: Redfin as of 08.26.2025

Beckham: which is a rare hopeful sign for those wanting to see a rise in housing activity

Data as of 08.27.2025

John Luke: Monthly tariff revenue has risen to meaningful levels

Data as of 08.26.2025

Brad: with foreign exporters paying a steadily falling share of the cost

Data as of 08.25.2025

Joseph: As production has grown, the U.S. has become a growing exporter of petroleum

Data as of June 2025

Joseph: and we’re racing hard to keep up with needed capacity for electricity

Data as of 08.15.2025

Disclosures

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed.

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.

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