BlackRock Investment Institute says powerful earnings momentum and accelerating AI monetisation continue to support global equities, even as geopolitical fragmentation reshapes market leadership.
- The S&P 500 recorded its best month since 2020, driven largely by mega-cap technology and upward earnings revisions.
- Around 83% of S&P 500 companies beat earnings estimates, with average profit surprises of 11%.
- BlackRock remains overweight U.S. and emerging-market equities, particularly AI infrastructure, semiconductors, and commodity exporters.
- Europe and Japan remain more exposed to Middle East energy disruptions, while the U.S. benefits from relative energy independence.
The market narrative is still AI. But beneath it, a parallel repricing around energy security and fragmentation is steadily taking shape.
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