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Disappearing U.S. equity seen in S&P 500 divisor

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Stock repurchases by U.S. companies are leading to a “self-cannibalization” of the equity market, Pavilion Global Markets Ltd. wrote in a report Tuesday. The firm cited the S&P 500 IndexÂ’s divisor, which falls when companies reduce the number of shares outstanding and vice versa, as an indicator of this trend. The divisor dropped in July to its lowest level since March 2000, according to data compiled by Bloomberg, and was just above the low this week.

- David Wilson / Bloomberg

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