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US benchmark stock index S&P500 is trading close to record highs, however struggling this year to manage any considerable gains. S&P500 is up only 1.9% this year so far, whereas its German counterpart has returned 19%.
Data suggests that US companies are returning cash at record pace to investors in form of dividend and buy back.
- When technology changes are producing ample opportunities and World is about to return to normal level of growth since 2008 crisis, US companies' record stock buyback indicates that they are out of alternatives to utilize their massive cash pile, which once again leaves investors to decide on capital allocation.
- These buy backs and dividends are keeping things warm for S&P500 companies so far, however lack of capital expenditure would haunt them in the future.
Buy back size of US companies as shown in chart. The size of three month's average buyback reached record $250 billion.
S&P500 remains vulnerable to adverse shocks or risk aversion from Federal Reserve rate hike. In recent time some legendary investors like Warren Buffet, Carl Icahn have warned against over valuation of in a rate rising environment.
S&P500 is trading around 2112, down -0.16% today so far. Chart courtesy soberlook.
