Return Drivers
The S&P 500 moved this year - but why? Any stock-market gain can only come from a few places: companies earning more, investors paying more per $1 of earnings (the P/E multiple), buybacks shrinking the share count, and currency effects on overseas profits. This page splits the index's move into those pieces so you can see what's really doing the work.
SPX YTD
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refreshed daily
Earnings contribution
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Mag-7 share of growth
P/E multiple
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trailing P/E change
Top-10 concentration
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top 10 companies · % of S&P 500
Driver decomposition · 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
Computed at load time from live S&P 500, Mag-7 and dollar-index closes plus dated published anchors: trailing P/E 29.60 (Jan 1, 2026), 27.81 (Jul 1, 2025 - the start anchor for the T12 view) and 32.60 (Jul 10, 2026) from published S&P index data; Mag-7 EPS share, foreign-revenue share and forward P/E context from FactSet Earnings Insight (Jul 2, 2026); buyback pace from S&P Dow Jones Indices; start-of-2026 index weights as of Dec 31, 2025; top-10 concentration from State Street SPY daily holdings (Jul 10, 2026). Anchors update as each new quarterly report is published.