Overview

• Futures were flat late Sunday after a losing week in which the S&P 500 fell 0.3%, the Nasdaq slipped 0.7% and the Dow eased 0.2% as enthusiasm for the AI trade cooled.
• The S&P 500 ended Friday at 6,644, up nearly 13% for the year and less than 1% below its record high.
• Market leadership remains concentrated, with the 10 largest companies led by Nvidia, Microsoft and Apple accounting for nearly 38% of the S&P 500’s value, or about $20.7 trillion.
• Goldman Sachs and Deutsche Bank recently lifted their S&P 500 targets to 7,000, pointing to further gains by year-end or into early 2026.
• Questions about AI paybacks are intensifying, with a Wall Street Journal estimate suggesting roughly $800 billion in AI product demand would be needed to justify recent chip and data-center investments, and investors now eye Friday’s jobs report for rate signals.