The Market in Pictures, May 15

by | May 15, 2026 | Blog, Charts

Our team looks at a lot of research throughout the day. Here are a handful of charts we think are good summations of investor activity, from rate expectations to inflation, jobs to earnings, and of course, the unprecedented artificial intelligence spend. Have a great weekend!

 

 John: Market hopes for rate cuts in the Warsh-led Fed have disappeared

 

Source: CME as of 05.15.2026

 

Brian: as usual, markets are out in front of the newly published expectations

 

 

Beckham: Staying in the sweet spot of 2-4% inflation has been good for stocks, repeating most historic episodes

 

Source: Bespoke as of 05.12.2026

 

 Dave: and for now, core price changes remain more stable than the energy-driven headline numbers

 

 

Jake: though global bond vigilantes are pushing back

 

Data as of 05.13.2026

 

 Ten: Consumers seem to be getting more comfortable with their ability to pay bills

 

Source: Apollo as of 05.14.2026

 

 Brad: and we’re seeing a resumption in employment demand

 

Source: Duality Research as of 05.12.2026

 

 Mark: this, despite the continued ability of technology companies to grow without adding headcount

 

Graphic via @KevRGordon as of 05.09.2026

 

 Brad: The equity rally hasn’t lifted valuations one bit, as earnings have matched the entire rise

 

 Source: Goldman Sachs as of 05.11.2026

 

 Dave: and the earnings forecasts continue to be a significant tailwind

 

  

Dave: with an especially sharp (and unique) lift in expectations throughout the early part of the year

 

Data as of 05.12.2026

 

 Joseph: and even small caps participating in steady earnings growth after a period of weakness

 

Data as of 05.12.2026

 

 Dave: The largest tech companies are putting every dollar they can find into AI spending

 

Data as of 05.11.2026

 

 John Luke: and given the historic pace of innovation, it’s hard to blame them for wanting to keep up

 

Data as of March 2025

 

 Beckham: Earnings continue to be the primary driver of price appreciation

 

Data as of 05.08.2026

 

 JD: and the S&P 500 continues to be a tough benchmark to beat

 

Data as of 05.08.2026

 

 Brad: Would-be market-timers often forget the wide range of goals and timeframes across various constituents

 

Data as of April 2026

 

 

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-2605-15.

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Advisory services offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or 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.

The opinions expressed herein are those of Aptus Capital Advisors (“Aptus”) and/or the individual Aptus Employee being interviewed as of the date of publication and are subject to change without notice. Aptus reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that such assessments of investments will be accurate. There is no guarantee that strategies or recommendations will equal or exceed any expectations or goals discussed. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.

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