Wednesday - July 22, 2026

On Wednesday, July 22, Brian Szytel reports a quiet, mostly flat market day: the Dow and S&P 500 were flat, the Nasdaq fell about 0.4%, the 10-year Treasury yield rose roughly three basis points to 4.66%, and WTI oil gained about 2.5% amid continued Middle East turmoil. With no economic news, he discusses a Goldman Sachs white paper on global demographics, noting slowing or negative population growth in the developed world (Japan and China already peaked; Europe close), and that U.S. demographics are relatively better due to immigration, supporting a premium equity multiple alongside higher productivity. He also notes U.S. multinationals’ foreign revenue share has declined since the 2010s. Finally, he explains the S&P can be positive while momentum/semiconductor names enter a bear market because money rotated into other sectors, shown by equal-weight S&P strength versus cap-weight weakness.

00:00 Market Wrap Snooze Fest

00:48 Why So Quiet Today

01:14 Goldman Demographics Paper

02:00 GDP Growth Headwinds

03:14 Emerging Markets Reality Check

03:52 US Valuation Premium Case

04:21 Global Revenue And Dollar Talk

04:52 Tech Bear Market Question

05:16 Rotation Explains The S&P

05:53 Closing Thoughts And Thanks

Links mentioned in this episode:
DividendCafe.com (dividendcafe.com)

TheBahnsenGroup.com (thebahnsengroup.com)