Last week’s sector ETF rebalancing shifted weightings favorably toward companies underpinning "stock price t", potentially supporting steady gains. After doing some more digging, we found that the top 25 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company. The study, forthcoming in the Journal of Financial Economics, analyzes over 89 billion after-hours stock quotes and finds a spillover effect—when one company announces earnings, stock prices of other firms are more likely to jump up or down as well. This effect is strongest for early announcers and companies within the same sector, but also occurs in firms in different industries, suggesting that investors quickly grasp the significance of individual companies’ earnings results for their industry and for the broader economy. The current "stock price t" movement suggests short-term volatility amid mixed macroeconomic signals. Market analysts note institutional buying in tech and energy, with Nasdaq futures up 0.8%. Volume spikes indicate traders are pricing in Q3 earnings beats.