We're still positive on markets, says Janus Henderson's Jeremiah Buckley

Market Overview - The S&P 500 has increased by 16% this year, while earnings have risen by 13%, indicating broad participation in earnings growth across various industries, including AI infrastructure, commercial aerospace, and capital markets [2] - Consumer spending data remains strong, with companies like Visa and Mastercard reporting consistent trends, and Costco showing a 6.6% increase in US comparable sales [3] Consumer Spending Trends - Despite concerns about the labor market, consumer spending appears robust, as evidenced by strong performance from credit card companies and retail reports [3][5] - American Express has reported strong results, benefiting from travel-related spending, while Mastercard's performance is more reflective of broader consumer spending trends [4][5] AI and Technology Investment - There is a positive outlook on AI spending, with companies like AMD reporting strong GPU sales and a favorable outlook [7] - Capital expenditures in the tech sector are being funded by cash flow from hyperscalers, and companies like Oracle are successfully accessing the bond market for additional funding [8] - The number of use cases for AI is expanding, contributing to margin growth and productivity improvements across various industries [9][10] Future Outlook - The productivity acceleration driven by AI is expected to continue contributing to earnings growth in the coming years, particularly for large companies with significant R&D budgets [10][11]