S&P 500, Nasdaq higher, Dow down slightly
Tech leads S&P 500 sector gainers; cons discret. down most
STOXX 600 up 0.1%
Bitcoin, crude futures, gold up; dollar dips
U.S. 10-yr Treasury yield dips to 4.066%
Sept 10 (Reuters) - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
US SHARE BUYBACK GROWTH STALLS
The tailwind from share buybacks for the S&P 500 may be fading, according to Goldman Sachs strategists, who note that S&P 500 companies' share repurchases were flat in the second quarter compared with a year ago.
Overall, though, S&P 500 companies repurchased shares at a record pace in the first half of 2025, with buybacks totalling nearly $550 billion in that period, they write in a note this week.
"For investors, one consequence of a declining buyback yield is less EPS accretion and slower EPS growth," they say.
From 2005 through 2019, declining share counts boosted S&P 500 earnings per share growth in excess of earnings growth by an annual median of 1.2 percentage points, they note.
"That EPS tailwind has recently diminished. Weakening buybacks also indicate less share price support from corporate demand, including the downside cushion buybacks often provide during drawdowns."
(Caroline Valetkevitch)
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