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What the momentum trade tells us about the stock market

A line chart that tracks daily year-to-date returns for the iShares Core S&P 500 ETF and iShares MSCI USA Momentum Factor ETF from Dec. 31, 2025, to July 8, 2026. The S&P 500 ETF ranged from minus 7.3% to 11.41% and ended at 8.51%; the momentum ETF ranged from minus 7.81% to 37.92% and ended at 23.87%, outperforming after early April.

Year-to-date percentage change 

Data: FactSet; Chart: Matt Phillips/Axios

OpenAI bets voice will become AI's primary interface with new models

GPT-5.6 buzz builds with launch imminent

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Scoop: Trump administration lifts restrictions on OpenAI's GPT 5.6

Exclusive: OpenAI deployment arm to acquire Northslope

The AI chip rush is crowding the same narrow pipeline

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