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 strength expanding to earnings dominance, US-China competition, and implications of easy money. Have a great weekend!
Beckham: People obsess over the Mag 7 concentration, but there are plenty of large-cap stocks moving higher
Source: Bespoke as of 10.21.2025
Brett: and in 2025, it’s earnings growth that’s driving the index higher, not just valuations
John: though to this point, strong earnings growth has mostly been a large cap story
Brad: When it comes to winners and losers, those with weaker balance sheets are playing catch-up now that the rate-cutting cycle has resumed
Data as of 10.17.2025
John Luke: with the same story for companies losing money
Source: Apollo as of 10.20.25
Dave: This all comes on top of a stretch where the most expensive stocks have been the biggest winners
Brian: and traditionally, defensive stocks have been lagging throughout the entire bull run
JD: Large US companies have become profitability machines
Source: BlackRock
Jake: which continues to provide justification for the global appetite for US stocks
Source: Apollo as of 10.22.2025
Dave: and the outlook ahead shows no change in those superior fundamentals
Source: Strategas as of 10.17.2025
Joseph: Resource reliance fears have abruptly shifted from Middle East oil to Chinese rare earths
Data as of September 2025
John Luke: and while there are pockets of important regions around the world, it’s a US vs. China world
Data as of September 2025
Ten: It’s no longer in vogue to trade with China, but it’s undeniable that its exports have become cheaper
Data as of September 2025
Ten: and other countries around the world have more than filled in for the reduced US imports
Data as of September 2025
Beckham: Relative to history, this 3rd year of the bull has been pretty darn strong
Graphic via Bloomberg as of 10.09.2025
Dave: and we’re moving into the historically strong month of November
JD: A whole lot of money has been printed since the global financial crisis
Data as of 10.21.2025
John Luke: and the higher rates are having an impact on the federal budget
Data as of August 2025
Dave: Unlike the unproductive interest spending at the government level, we’re getting massive levels of spending at the corporate level that at least has a shot to be productive
Data as of September 2025
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