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 an amazing run for low quality/high beta stocks, to the government shutdown, to earnings and inflation, and more on AI spending. Have a great weekend!
John Luke: The rally in the S&P 500 has continued to get more and more selective
Data as of 11.05.2025
Jake: with some real outliers when it comes to the high number of stocks declining on recent flat days
Data as of 11.05.2025
Brett: that said, we’ve seen cases of extreme dispersion throughout the year, in both directions
Data as of 11.03.2025
Brad: The big dispersion is mostly coming from days when low beta and high beta stocks are going in opposite directions, primarily favoring high beta
Dave: with much of that beta tied to companies with weaker business fundamentals
Data as of 11.03.2025
John Luke: The government shutdown is now the longest on record
Source: Strategas as of 11.03.2025
Brian: with already-weak consumer sentiment taking a step lower
Data as of 11.07.2025
Brad: and economic forecasts adjusting for another drop and recovery similar to the tariff freeze in Q1/Q2
Data as of 10.31.2025
Dave: Like inflation finding a stable level near 3%, private payrolls are settling into a range just above the flatline on a monthly basis
Source: Raymond James as of 11.05.2025
Joseph: with the general job weakness being offset by continued spending of the most affluent consumers
Data as of 11.04.2025
Dave: whose financial position has been helped by a strong stock market that is entering a period in which strength has beget strength
Source: Strategas as of 11.03.2025
Dave: It’s been another season of earnings beating expectations
Source: Raymond James as of 11.06.2025
Dave: with strength across most sectors
Source: Strategas as of 11.04.2025
JD: and a continuation the margin miracle driving both earnings and valuations higher
Brad: We’ve not yet seen the return on investment from AI capex, but the spending rages on
Source: Goldman Sachs as of 10.31.2025
Dave: and there are a whole lot of pieces in a typical AI build
Data as of October 2025
Beckham: It’s been just as important to avoid losers as it has been to find winners
Source: Bespoke as of 11.03.2025
Ten: and the policy playbook may have similarities but investor outcomes are never a foregone conclusion
Source: Bespoke as of 11.03.2025
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