S&P 500標普 500
The S&P closed June 1 at a record 7,600 on Q1 earnings growth of 28% — this is not a liquidity-fueled chimera but genuine earnings power, with AI investment driving roughly 40% of the index's earnings growth. The caution flag is real: market breadth has narrowed to dotcom-era levels and June seasonality is historically the worst in midterm cycles, but momentum wins until it doesn't.
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The S&P closed June 1 at a record 7,600 on Q1 earnings growth of 28% — this is not a liquidity-fueled chimera but genuine earnings power, with AI investment driving roughly 40% of the index's earnings growth. The caution flag is real: market breadth has narrowed to dotcom-era levels and June seasonality is historically the worst in midterm cycles, but momentum wins until it doesn't.
The S&P is grinding into genuine ATH territory with AI earnings delivering 28% blended EPS growth — the kind of fundamental backing that makes fading this rally look stubborn rather than shrewd. Breadth is narrowing to dotcom-thin levels and Dimon keeps waving caution flags, but until price actually cracks, the trend is the argument. Lean long, stay alert.