What is S&P 500?

The S&P 500 is a stock market index tracking 500 large-cap U.S. companies. Commentary through mid-2026 covers valuation, concentration, earnings, and breadth.

• May 2026 – Jack Farley noted that the blended year-over-year EPS growth for Q1 was 27%, the strongest since Q4 2021.
• Jun 2026 – Josh Brown observed that 40% of S&P stocks were negative on the year, and earnings for most companies are below where they were at the start of this bull market.
• Jul 2026 – Ben Carlson reported that retail investors purchased nearly three and a half times the average daily amount on S&P 500 down days during the first half of 2026, the strongest buy-the-dip behavior in their data set.
• Jul 2026 – Jeff Currie stated that energy as a share of the S&P runs around 3%, and that for a super cycle it needs to be closer to 10-15%, implying AI sector overvaluation.
• Jul 2026 – Michael Batnick noted that earnings are up 32% while the market itself is up 22%, and that the Mag 7 weight in the S&P is dropping considerably due to underperformance.