If Supply and Demand Set Stock Prices, U.S. Market Has a Problem

  • Announced buybacks fell in May while share offerings jumped
  • Corporate actions in market tilt less favorable to investors
The Shifting Supply-Demand Balance in Markets
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The U.S. stock market has been staging a vanishing act for years. Which is to say, it’s gotten smaller, due to a combination of takeovers, buybacks and fewer new listings. Investors don’t mind this. They often cite the contraction as part of a bull case premised on scarcity.

Something is happening to tilt the calculus against them.