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Expand chart
Data: S&P 500; Chart: Harry Stevens/Axios

The stock market decline comes despite a record level of buybacks — more than $200 billion in the last quarter alone, up some 58% from a year ago.

Why it matters: It's a lot easier for companies to reduce buybacks than it is for them to reduce dividends. If and when earnings start to decline, it should be quite easy for buybacks to fall in tandem.

  • Buybacks are rising mainly because companies have been very cautious about raising their dividends. If you look at the level of dividends and buybacks combined, it tracks very closely with total corporate earnings, which have been growing impressively.
  • In 2007 and 2015, earnings fell below the amount that companies were spending on buybacks and dividends. That's no longer the case.

Go deeper

A tale of two jobs reports

Source: Bureau of Labor Statistics; Chart: Axios Visuals

Whatever you think about the economy, you’ll find something in this morning’s conflicting jobs report to reinforce your views: America's job market is white-hot and the labor market is anemic.

Between the lines: The conflict comes from the two separate surveys the government uses to compile the report.

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.

Ina Fried, author of Login
5 hours ago - Technology
Column / Signal Boost

Huawei sanctions snarled chip supply chains

Illustration: Sarah Grillo/Axios

The largely successful U.S. effort to hobble China's Huawei has benefitted a host of other tech companies — from smartphone makers such as Apple and Xiaomi to chipmakers like Qualcomm to network vendors including Nokia and Ericsson.

Yes, but: The massive disruption to the industry furthered an industry wide mismatch between supply and demand, exacerbating the global chip shortage.

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