Monday, November 17, 2025
The S&P 500 has now gone 103 straight trading sessions without a 5% pullback, as of this writing.
It’s the second longest streak since 2021 and among the longest since the 2018 record of 403 sessions. For perspective, the long-term average is just 59 trading days between 5% declines.
Perhaps aiding that run is the fact that share buybacks are about to set another record. U.S. companies have authorized a record $1.15 trillion in repurchases of their own stocks so far in 2025. That’s an increase of 16% over 2024’s then record of $989 billion.
This trend has provided an incredibly strong passive tailwind to equity markets in recent years. And it could get stronger as current authorizations generate roughly $7 billion in daily buying power.
Still, there are cracks on the surface.
U.S. household credit card balances have surged to a record $1.33 trillion. Also, the jobs market is cooling. These issues could grow and weigh on markets over time.
So, stocks are on fire, but consumers are tapped out. Something’s gotta give.