US equities delivered a mixed week, with the published consensus tilting more cautious into the back half.
Early in the window, bullish threads dominated: researchers argued forward earnings are rising faster than the index — making stocks cheaper on a forward P/E basis than in January — and pointed to broadening leadership into small caps, industrials, and healthcare as AI capex, reshoring, and easier earnings bars all lift beyond mega-cap tech. Constructive single-name calls surfaced across defense (AeroVironment, RBC Bearings), Axon, Tesla ahead of Optimus, and consumer-experience names trading well below their six-year median multiple.
By Thursday and Friday, tone shifted. Multiple research threads flagged tactical caution on the S&P 500 — bearish MACD crossover, stretched sentiment, elevated yields, and pre-midterm seasonality — while separately advising trims in extended mega-cap tech, goldminers, and energy. One thread also warned that emerging US political scrutiny of data centers and AI policy could drive headline shocks. Most still see new highs into year-end once the pullback clears.