Josh Schafer

After years of higher than expected capex, the market is adjusting to a world where capex estimates could come in lower than expected and the drop-off from 2026 in this chart might be even more sharp.

That’d be an earnings headwind for a lot of companies in the S&P 500.

Nice chart from the @barronsonline team highlighting the recent rotation in markets.

FactSet’s John Butters points out that the S&P 500 forward 12-month P/E is now at its lowest level in more than three years.

💪 @LJKawa

Worst day for all three major indexes since April 4, 2025.