Aug 6, 2026 · 40 min · 13 segments
**Record Highs, Negative Gas Prices, and the Discipline Dividend** Host Richard Cunningham sits down with co-host Luke Roush and returning guest Jordan Strebeck of Fortress Energy Partners for a…
Jordan StrebeckGuest
Richard CunninghamHost
Luke RoushHost
We've got growing concerns around the budget deficit and government spending.
We've got continued concerns around inflation because of rising input costs with things like energy because of the Middle East conflict, which we'll talk about more.
And yet here we are, end of July, coming into August, equity markets are at an all-time high.
s p 500 crossed 7 000 for the first time this year it kind of breached it intraday in january and then surpassed it for its first ever official close in april overall up eight percent um and so i mean we've got markets ripping and here we are with all of these kind of reasons for a sell-off um you know as a reminder s p 500 is the largest 500 companies in the u.s stock market An analyst in Wall Street suggests, hey, it looks like things are still going to go ahead well with underlying fundamentals.
You've got 24% aggregate earnings expectations for 2026, another 20% of aggregate earnings expectations for 2027.
And then there's always that concentration talk of, you know, you got roughly 40% of the S&P is $50 trillion in market cap.
So you've got the S&P 490 and then kind of the tale of two cities, the S&P 10, which is those 10 largest stocks.
Looking at the broad stock market, because there's roughly 3,500 U.S. publicly traded stocks.
That's a Wilshire 5000 is a good indicator of that up roughly 7% on the year.
and then interestingly luke i'd be curious for some perspective from you on this if you go look at the russell 2000 which is typically kind of seen as the small cap universe the large the smaller 2000 companies in the stock market up 10 points over the s p 500 which is abnormal because for the last five years the s p 500 has been outpacing small caps but the russell 2000 year to date up almost roughly 20%, and that could be kind of a rotation away from mega cap or rotation away from tech just to kind of balance portfolios.
And then also with geopolitical tensions, a lot of those smaller companies predominantly do their business in the confines of the US, so they're not as externally exposed to what's going on around the world.
We've got growing concerns around the budget deficit and government spending.
We've got continued concerns around inflation because of rising input costs with things like energy because of the Middle East conflict, which we'll talk about more.
And yet here we are, end of July, coming into August, equity markets are at an all-time high.
s p 500 crossed 7 000 for the first time this year it kind of breached it intraday in january and then surpassed it for its first ever official close in april overall up eight percent um and so i mean we've got markets ripping and here we are with all of these kind of reasons for a sell-off um you know as a reminder s p 500 is the largest 500 companies in the u.s stock market An analyst in Wall Street suggests, hey, it looks like things are still going to go ahead well with underlying fundamentals.
You've got 24% aggregate earnings expectations for 2026, another 20% of aggregate earnings expectations for 2027.
And then there's always that concentration talk of, you know, you got roughly 40% of the S&P is $50 trillion in market cap.
So you've got the S&P 490 and then kind of the tale of two cities, the S&P 10, which is those 10 largest stocks.
Looking at the broad stock market, because there's roughly 3,500 U.S. publicly traded stocks.
That's a Wilshire 5000 is a good indicator of that up roughly 7% on the year.
and then interestingly luke i'd be curious for some perspective from you on this if you go look at the russell 2000 which is typically kind of seen as the small cap universe the large the smaller 2000 companies in the stock market up 10 points over the s p 500 which is abnormal because for the last five years the s p 500 has been outpacing small caps but the russell 2000 year to date up almost roughly 20%, and that could be kind of a rotation away from mega cap or rotation away from tech just to kind of balance portfolios.
And then also with geopolitical tensions, a lot of those smaller companies predominantly do their business in the confines of the US, so they're not as externally exposed to what's going on around the world.
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