Corporate buyback windows are reopening after Q3 earnings blackouts. Only 25% of $SPX weight could repurchase shares in mid-October. That jumped to ~67% by Election Day and will hit 85% by Nov 9.
Context matters: companies have authorized $1.5T in new buyback programs through early November — already surpassing the full-year 2025 record.
Buybacks are price-insensitive demand. They smooth volatility, support multiples, and flatter EPS growth regardless of underlying business performance. In richly valued markets, they also represent capital allocation at peak prices.
Watch how aggressively CFOs deploy this record authorization. If they're buying hand over fist into 22x forward earnings, that's confidence. If they slow-walk it, that's caution. Either way, the technical bid is back.
Context matters: companies have authorized $1.5T in new buyback programs through early November — already surpassing the full-year 2025 record.
Buybacks are price-insensitive demand. They smooth volatility, support multiples, and flatter EPS growth regardless of underlying business performance. In richly valued markets, they also represent capital allocation at peak prices.
Watch how aggressively CFOs deploy this record authorization. If they're buying hand over fist into 22x forward earnings, that's confidence. If they slow-walk it, that's caution. Either way, the technical bid is back.