Five interesting things that Hodges Capital research analysts discovered this week...

#1 Where’s the High? At more than 900 days and counting, the Russell 2000 Index is in its third-longest streak without surpassing a prior high. According to Charles Schwab and Bloomberg, each of the major streaks in the past ended after interest rate cuts.

#2 Tariffs: Many retailers expect a bigger tariff impact in the second half of the year as costs begin to flow through inventory. Even so, mitigation strategies are proving effective, and price increases remain manageable within prior guidance. In fact, of the 14 big-box retailers covered by D.A. Davidson, not one lowered full-year guidance this earnings season.

#3 Refund Surge: JPMorgan recently estimated that the average income tax refund for the 2026 filing year will exceed $3,700, up from roughly $3,200 in 2025.

#4 September: Over the last 45 years, September has been the only month in which the S&P 500 Index has averaged a loss, according to Bloomberg.

#5 NFL Valuations: The National Football League continues to extend its lead as the most valuable and profitable sports league worldwide, with the average franchise now worth $7.65 billion, according to CNBC’s official NFL Team Valuations 2025. That figure represents an 18% increase from last year, with the Dallas Cowboys retaining the top spot at $12.5 billion, per CNBC’s calculations.

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