Return Drivers
What is actually driving stock prices right now - decomposed into earnings vs multiple, Mag-7 vs the rest of the S&P 493, buybacks, liquidity, fiscal, and valuation gravity. Updated daily.
SPX YTD
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refreshed daily
Earnings contribution
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Mag-7 share of growth
Multiple expansion
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vs trailing P/E
Top-5 concentration
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% of S&P 500 by cap
Driver decomposition · YTD return contribution Stacked attribution
The rally is mostly multiple expansion + Mag-7 earnings, with a drag from a stronger dollar. The five slices below add up to the index’s YTD price return — tap any one to see how it’s calculated.
The six forces in play
Mag-7 contribution to SPX returnYTD
Decomposition is approximate, hand-curated quarterly from public S&P, FactSet and Fed H.4.1 data. Not a real-time feed.