S&P 500

Key insight

The Mag-7 earnings split (Amazon +15%, Apple -10%) is reshaping the AI trade: markets are rewarding proven cloud monetisation and punishing hardware bottlenecks, but aggregate hyperscaler capex guidance of $720–$745B for 2026 confirms the AI supercycle is intact and remains the S&P 500's primary bull engine.

The S&P 500 is holding near all-time highs above its 50-day MA (~7,150) and the key 7,400 round-number support, powered by a blowout AI earnings wave from the hyperscalers and 73% of components trading above their 200-day MA — the broadest participation since December 2024.

Main risk

10-Year & 30-Year Treasury Yield Surge

The 30-year yield hit 5.26% — its highest since 2007 — and the 10-year broke above 4.7% (highest since January 2025), compressing equity multiples and raising the discount rate on long-duration growth stocks that anchor index weightings.