Happy Monday! The market making all-time highs makes no interesting headline anymore. We have grown used to it. But in this edition of AlphaPro Sentiment Wrap, we came up with four S&P 500 stocks that made fresh all-time highs last week.
The interesting part is that they aren't flashy AI names. If you hold any of them, it might be worth riding the momentum a little longer.
Talking about the overall market, concerns about overstretched valuations, especially in AI-heavy corners, and chatter about a potential pause in rate cuts spooked investors mid-week. On Thursday, the Nasdaq Composite dropped 2.3%, the S&P 500 sank 1.7%, and the Dow Jones Industrial Average fell 1.6%.
Overall, last week in the U.S. markets, sentiment leaned cautious. The S&P 500 rose around 0.1%, the Dow gained about 0.4%, while the Nasdaq slipped roughly 0.4%.
Is the market going to stay strong? As they say, the proof is in the pudding. The fundamentals look strong: for Q3 2025 (with 92% of S&P 500 companies reporting results), 82% have delivered a positive EPS surprise, according to FactSet.
And the market is about to face another big test this week. Now all eyes shift to one giant: Nvidia. The company that has defined this bull market reports soon, and whatever it says next will shape how the market closes out the year.
The Deep Dive
This week, we are tracking three key stories:
- These four S&P 500 stocks made new all-time highs
- Macro shift: Companies are talking about tariffs far less in Q3 than in Q2
- YTD performance check: 3 sectors that outperformed and underperformed the S&P 500 this year
Let's take a closer look…
1. These four non-AI S&P 500 stocks made new all-time highs
While everything in the market is about AI-related stocks these days, some stocks from the relatively sectors are making multi-decade highs:
i. HCA HealthCare (HCA): Hitting all-time highs going back to its IPO in 2011. One of America's largest hospital systems with 180+ hospitals and thousands of outpatient centers across the U.S. and the U.K
Market cap: ~$108B
ii. Welltower (WELL): Breaking records that date back to its 1985 origins as Health Care REIT. A healthcare-focused real estate giant with senior living, medical offices, and post-acute care facilities across the U.S., Canada, and the U.K
Market cap: ~$133B
iii. Cardinal Health (CAH): Trading at levels unseen since its IPO in 1983. A global pharmaceutical + medical products distributor supplying hospitals, clinics, and pharmacies nationwide.
Market cap: ~$49B
iv. Loews Corporation (L): Setting fresh highs that stretch all the way back to 1972. A diversified conglomerate with businesses spanning insurance (CNA Financial), energy infrastructure, hotels, and packaging.
Market cap: ~$22B
2. Macro shift: Mentions of tariffs fell sharply in Q3 earnings calls
Tariffs spooked the market for the better part of the year. But now there's a decline in the number of times S&P 500 companies mentioned or in their earnings calls in Q3.
According to FactSet, overall, S&P 500 companies mentioned or on 238 earnings calls this quarter - a 33% drop from Q2 2025, when the terms appeared on 357 calls (from June 15 through September 14). This also marks the second consecutive quarter of declining tariff-related commentary.
At the sector level, Industrials (51 mentions) recorded the highest total number of calls referencing tariffs, while Consumer Staples (79%) and Industrials (70%) had the highest share of companies mentioning tariffs in their earnings discussions
That said, let's be honest: 238 is still the fourth-highest level of tariff mentions in the past decade. But the drop indicates something crucial: companies are less focused on trade risk than they were even a few months ago. That shift in tone reduces one of the market's lingering macro overhangs.
3. The sectors that outperformed and underperformed the S&P 500 YTD
With the S&P 500 up 14.13% YTD, a few sectors broke away from the pack:
Outperformers:
- Basic Materials: +24.64%
- Communication Services: +24.12%
- Technology: +20.94%
Strong pricing, platform dominance, and the AI buildout kept these sectors in the driver's seat.
Underperformers:
- Consumer Defensive: +0.62%
- Consumer Cyclical: +3.31%
- Real Estate: +3.48%
High financing costs, tight household budgets, and weak discretionary demand kept these areas lagging
Earnings to watch this week:
Last week's earnings were steady overall, but the big story is what's coming next: Home Depot, Target, Nvidia, and Walmart are all reporting. Nvidia's numbers and its guidance will be the most influential data points of the week
Keep an eye on our Earnings Calendar.
Before we sign-off
Markets move not just on data, but on how investors interpret them. In each of the stories we cover, it all comes down to market expectations and sentiment. When sentiment runs ahead of fundamentals, what follows is volatility.
At AlphaPro, we track the voice behind the numbers and tone of earnings calls, policy speeches, and analyst commentary. Our Earnings Sentiment Score helps you cut through the noise and see how executives and policymakers are shaping narratives in real time.
Same time next week? See you then.
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