The chart of the week shows earnings growth broadening across the Russell 3000, signaling that market strength is no longer concentrated in just a handful of mega-cap tech and AI stocks. After a period where leaders like NVIDIA carried much of the gains, those names have cooled slightly while other sectors are now picking up the slack. That rotation is constructive, because it points to healthier, more balanced participation across U.S. equities. One thing of note is the median earnings growth reflects how the “typical” stock is performing, whereas the average can be distorted by a few outsized winners or losers. With the median turning positive strongly positive, above 10% earnings growth, the data suggests underlying earnings momentum is improving even as headline tech performance moderates.

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