The Market in Pictures, July 11

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 large cap leadership to momentum flips, improving sentiment and earnings growth, and no escaping tariff and tax talk. Have a great weekend!

Dave: Bigger has been better, as megacap tech stocks have continued growing into their premium valuations

Dave: and the entire rally has been seemingly fighting against one perceived obstacle after another

Source: FHN as of 07.03.2025

Brad: High beta ran hot into June but has cooled since July started

Source: Bloomberg

Brett: with popular trading names taking a breather after huge runs

Source: Bespoke as of 07.08.2025

Brett: It’s clear that smaller companies have lagged, but signs of improving fundamentals are in place

Source: Strategas as of 07.03.2025

Brad: and the overall business environment looks pretty well removed from a recession threat

Source: Strategas as of 07.08.2025

Beckham: The outperformance of US stocks vs. foreign has been backed up by a huge earnings advantage in the past decade

Source: Goldman Sachs as of 07.07.2025

Dave: and consensus expects a continuation of high earnings growth

Dave: and maybe even joined by small caps, finally

Dave: The mix of domestic vs. overseas revenues varies greatly across sectors

Arch: meaning dollar weakness contributes different levels of an earnings tailwind for each sector

Data as of 07.08.2025

John Luke: and a steady tailwind for new government revenues

Data as of 07.07.2025

Joseph: Here’s a cheat sheet for the impact of personal tax changes from the One, Big, Beautiful Bill

Source: CNBC as of 07.07.2025

Dave: A sample size of only 5 in 50 years but those 5 turned out pretty good

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.

This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.

Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm’s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2507-15.