All posts by PARKERYL

To celebrate more than 100,000 downloads in its soft launch, the new mobile video game EIGHTH ERA™ will award NGC-certified ancient coins as prizes to players who reach an advanced level and compete in tournament-style leaderboards. An announcement will be made in the Spring that the game will also offer limited-edition American Silver Eagles with special privy marks in collaboration with the United States Mint (www.USMint.gov).

Free-to-play and available to download on iOS and Android devices, many of EIGHTH ERA’s major characters, levels of play, and rewards are inspired by historical coins. It was created by Nice Gang® (www.NiceGang.com), a gaming publisher and developer founded by entertainment, gaming, and collectibles veterans, including Mark Salzberg, Co-Founder of Certified Collectibles Group and Numismatic Guaranty Company.

“We now have launched our first limited-timed Era Vault event where players can win free historic coins, some 1,700 years old,” announced Jason Wasserman, a former 20-year executive at 20th Century Fox and The Walt Disney Studios who is Nice Gang’s Co-Founder and Chief Executive Officer.

The two ancient coin types encapsulated by NGC (www.NGCcoin.com) offered as rewards are: a portrait coin of the Roman Emperor Constantine I (A.D. 307-337) struck at the Roman city of Siscia, and a silver hemidrachm struck A.D. 780-793 in Tabaristan.

The famous emperor Constantine I – known to history as “the Great” – ruled the Roman Empire for three decades. He was undefeated in battle and was the first to make Christianity the official religion of the Roman world.

The silver coins of Tabaristan, a mountainous region along the Caspian Sea, were struck in the 8th century A.D. and show a royal portrait opposite two priests at a fire altar. Tabaristan was an oasis kingdom on the Silk Road where merchants rested their caravans after traversing scorching deserts to bring luxury goods from China to Constantinople.

“The partnership between NGC and Nice Gang is transformational for our team as it allows us to connect with a large audience of gamers who are huge collectors in their own right, while introducing ancient coins into their collectibles world,” said David Vagi, NGC Ancients Director. “Everyone may not be able to travel to visit an ancient monument, but anyone can add an ancient coin to their collection and be transported back to lost worlds through their passion for collecting.”

Set 10,000 years in the future, EIGHTH ERA takes players on epic role-playing adventures through perilous past worlds to collect forgotten pieces of history and save the future from an evil supercomputer.

“EIGHTH ERA offers players addictive gameplay as well as physical collectible hero trophies shipped directly to your door,” explained Wasserman.

Working with the United States Mint, the game will also offer while supplies last this Spring the soon-to-be released, limited-edition American Silver Eagle bullion coins with an eagle-in-flight privy mark. Additional information about those coins will be announced in the coming weeks. Previous reward prizes included ASEs with the special star privy mark.

The game’s available rewards which can be won through in-game tournament-style leaderboards also include NGC-certified medallions that depict some of the game’s more than 50 playable action characters. New character medallions will be released monthly for players to win.

EIGHTH ERA is available worldwide in the App Store and Google Play.

For additional information about the game, future updates, and a free newsletter about the latest collectible “trophy” offering for game players, visit www.NiceGang.com.

Article updated on March 3rd, 2025 by Bob Ciura
Spreadsheet data updated daily

The Dividend Aristocrats are a select group of 69 S&P 500 stocks with 25+ years of consecutive dividend increases.

They are the ‘best of the best’ dividend growth stocks. The Dividend Aristocrats have a long history of outperforming the market.

The requirements to be a Dividend Aristocrat are:

• Be in the S&P 500
• Have 25+ consecutive years of dividend increases
• Meet certain minimum size & liquidity requirements

There are currently 69 Dividend Aristocrats. You can download an Excel spreadsheet of all 69 (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Note 1: On January 24th, 2025, Erie Indemnity (ERIE), Eversource Energy (ES), and FactSet Research System (FDS) were added to the list with no deletions, leaving 69 Dividend Aristocrats.

Source: S&P News Releases.

You can see detailed analysis on all 69 further below in this article, in our Dividend Aristocrats In Focus Series. Analysis includes valuation, growth, and competitive advantage(s).

Table of Contents

How to Use The Dividend Aristocrats List To Find Dividend Investment Ideas

The downloadable Dividend Aristocrats Excel Spreadsheet List above contains the following for each stock in the index:

• Price-to-earnings ratio
• Dividend yield
• Market capitalization

All Dividend Aristocrats are high-quality businesses based on their long dividend histories. A company cannot pay rising dividends for 25+ years without having a strong and durable competitive advantage.

But not all Dividend Aristocrats make equally good investments today. That’s where the spreadsheet in this article comes into play. You can use the Dividend Aristocrats spreadsheet to quickly find quality dividend investment ideas.

The list of all Dividend Aristocrats is valuable because it gives you a concise list of all S&P 500 stocks with 25+ consecutive years of dividend increases (that also meet certain minimum size and liquidity requirements).

These are businesses that have both the desire and ability to pay shareholders rising dividends year-after-year. This is a rare combination.

Together, these two criteria are powerful – but they are not enough. Value must be considered as well.

The spreadsheet above allows you to sort by trailing price-to-earnings ratio so you can quickly find undervalued, high-quality dividend stocks.

Here’s how to use the Dividend Aristocrats list to quickly find high-quality dividend growth stocks potentially trading at a discount:

1. Download the list
2. Sort by ‘Trailing PE Ratio,’ smallest to largest
3. Research the top stocks further

Here’s how to do this quickly in the spreadsheet:

Step 1: Download the list, and open it.

Step 2: Apply a filter function to each column in the spreadsheet.

Step 3: Click on the small gray down arrow next to ‘Trailing P/E Ratio’, and then sort smallest to largest.

Step 4: Review the highest ranked Dividend Aristocrats before investing. You can see detailed analysis on every Dividend Aristocrat found below in this article.

That’s it; you can follow the same procedure to sort by any other metric in the spreadsheet.

Performance Of The Dividend Aristocrats

In February 2025, the Dividend Aristocrats, as measured by the Dividend Aristocrats ETF (NOBL), registered a total return of 1.7%. It out-performed the SPDR S&P 500 ETF (SPY) for the month.

• NOBL generated returns of 1.7% in February 2025
• SPY generated negative returns of -1.3% in February 2025

Short-term performance is mostly noise. Performance should be measured over a minimum of 3 years, and preferably longer periods of time.

The Dividend Aristocrats Index has slightly under-performed the broader market index over the last decade, with a 9.87% total annual return for the Dividend Aristocrats and a 12.89% total annual return for the S&P 500 Index.

But the Dividend Aristocrats have exhibited lower risk than the benchmark, as measured by standard deviation.

Source: S&P Fact Sheet

Higher total returns with lower volatility is the ‘holy grail’ of investing. It is worth exploring the characteristics of the Dividend Aristocrats in detail to determine why they have performed so well.

Note that a good portion of the outperformance relative to the S&P 500 comes during recessions (2000 – 2002, 2008). Dividend Aristocrats have historically seen smaller drawdowns during recessions versus the S&P 500. This makes holding through recessions that much easier.

Case-in-point: In 2008 the Dividend Aristocrats Index declined 22%. That same year, the S&P 500 declined 38%.

Great businesses with strong competitive advantages tend to be able to generate stronger cash flows during recessions. This allows them to gain market share while weaker businesses fight to stay alive.

The Dividend Aristocrats Index has beaten the market over the last 28 years…

We believe dividend paying stocks outperform non-dividend paying stocks for three reasons:

1. A company that pays dividends is likely to be generating earnings or cash flows so that it can pay dividends to shareholders. This excludes ‘pre-earnings’ start-ups and failing businesses. In short, it excludes the riskiest stocks.
2. A business that pays consistent dividends must be more selective with the growth projects it takes on because a portion of its cash flows are being paid out as dividends. Scrutinizing over capital allocation decisions likely adds to shareholder value.
3. Stocks that pay dividends are willing to reward shareholders with cash payments. This is a sign that management is shareholder friendly.

In our view, Dividend Aristocrats have historically outperformed the market and other dividend paying stocks because they are, on average, higher-quality businesses.

A high-quality business should outperform a mediocre business over a long period of time, all other things being equal.

For a business to increase its dividends for 25+ consecutive years, it must have or at least had in the very recent past a strong competitive advantage.

Sector Overview

A sector breakdown of the Dividend Aristocrats Index is shown below:

The Dividend Aristocrats Index is tilted toward Consumer Staples and Industrials relative to the S&P 500. These 2 sectors make up over 40% of the Dividend Aristocrats Index, but less than 20% of the S&P 500.

The Dividend Aristocrats Index is also significantly underweight the Information Technology sector, with a ~3% allocation compared with over 20% allocation within the S&P 500.

The Dividend Aristocrat Index is filled with stable ‘old economy’ blue chip consumer products businesses and manufacturers; the Coca-Cola’s (KO), and Johnson & Johnson’s (JNJ) of the investing world.

These ‘boring’ businesses aren’t likely to generate 20%+ earnings-per-share growth, but they also are very unlikely to see large earnings drawdowns as well.

The 10 Best Dividend Aristocrats Now

This research report examines the 10 best Dividend Aristocrats from our Sure Analysis Research Database with the highest 5-year forward expected total returns.

Dividend Aristocrat #10: Target Corporation (TGT)

• 5-year Expected Annual Returns: 12.1%

Target was founded in 1902 and now operates about 1,850 big box stores, which offer general merchandise and food, as well as serving as distribution points for the company’s e-commerce business.

Target posted third quarter earnings on November 20th, 2024. Third quarter revenue was $25.67 billion, up 1.1% year-over-year, but missing estimates by $230 million. Adjusted earnings-per-share came to $1.85, which missed estimates by a staggering 45 cents, or 20%.

For Q3, comparable sales were up just 0.3%, missing estimates of 1.5%. Guest traffic was up 2.4% in the quarter while digital comparable sales rose 10.8%. Gains there were led by Target Circle 360 and Drive Up.

Operating margin was 4.6% of revenue, down from 5.2% a year ago. Gross margins were off 20 basis points to 27.2% of revenue, reflecting higher digital fulfillment and supply chain costs.

Click here to download our most recent Sure Analysis report on TGT (preview of page 1 of 3 shown below):

Dividend Aristocrat #9: Brown-Forman (BF.B)

• 5-year Expected Annual Returns: 12.2%

Brown-Forman is an alcoholic beverage company that is based in Louisville. The company was founded in 1870. Brown-Forman produces and sells whiskey, vodka, tequila, champagne, and wine.

Its portfolio includes a range of mostly premium brands, such as Jack Daniel’s, Finlandia Vodka, Old Forester, and many others.

Brown-Forman reported revenues of $1.1 billion for its second quarter (fiscal 2025) earnings results. The company’s revenues were down by 1% compared to the previous year’s quarter. Brown-Forman’s revenues came in ahead of the analyst consensus, unlike during the previous quarter.

The sequential growth rate was also positive, while the year-over-year performance improved as well, relative to the previous quarter. In constant currencies, Brown-Forman experienced a revenue increase, but a strengthening US Dollar was a bit of a headwind for the company.

Brown-Forman’s earnings-per-share improved compared to the previous year’s quarter, despite slightly lower revenues.

The company saw its operating profit improve by 1% during the quarter, thanks to tight cost controls that fully offset the headwinds from lower revenue generation. Earnings-per-share were up by a nice 9% year-over-year.

Click here to download our most recent Sure Analysis report on BF.B (preview of page 1 of 3 shown below):

Dividend Aristocrat #8: Sysco Corporation (SYY)

• 5-year Expected Annual Returns: 13.1%

Sysco Corporation is the largest wholesale food distributor in the United States. The company serves 600,000 locations with food delivery, including restaurants, hospitals, schools, hotels, and other facilities.

Source: Investor Presentation

On January 28th, 2025, Sysco reported second-quarter results for Fiscal Year (FY)2025. The company reported a 4.5% increase in sales for the second quarter of fiscal year 2025, reaching $20.2 billion.

U.S. Foodservice volume grew by 1.4%, while gross profit rose 3.9% to $3.7 billion. Operating income increased 1.7% to $712 million, with adjusted operating income growing 5.1% to $783 million. Earnings per share (EPS) remained at $0.82, while adjusted EPS grew 4.5% to $0.93.

The company reaffirmed its full-year guidance, projecting sales growth of 4%-5% and adjusted EPS growth of 6%-7%.

Click here to download our most recent Sure Analysis report on SYY (preview of page 1 of 3 shown below):

Dividend Aristocrat #7: Becton Dickinson & Co. (BDX)

• 5-year Expected Annual Returns: 13.7%

Becton, Dickinson & Co. is a global leader in the medical supply industry. The company was founded in 1897 and has 75,000 employees across 190 countries.

The company generates about $20 billion in annual revenue, with approximately 43% of revenues coming from outside of the U.S.

On February 5th, 2025, BD released results for the first quarter of fiscal year 2025, which ended December 31st, 2024. For the quarter, revenue increased 9.8% to $5.17 billion, which was $60 million more than expected.

Source: Investor Presentation

On a currency neutral basis, revenue improved 9.6%. Adjusted earnings-per-share of $3.43 compared favorably to $2.68 in the prior year and was $0.44 ahead of estimates.

For the quarter, U.S. grew 12% while international was up 6.7% on a reported basis. Excluding currency, international was higher by 6.3%. Organic growth was up 3.9% for the period.

The Medical segment grew 17.1% organically to $2.62 billion, mostly due to gains in Mediation Management Solutions and Medication Delivery Solutions. Life Science was up 0.5% to $1.3 billion.

Click here to download our most recent Sure Analysis report on BDX (preview of page 1 of 3 shown below):

Dividend Aristocrat #6: Nordson Corporation (NDSN)

• 5-year Expected Annual Returns: 14.2%

Nordson was founded in 1954 in Amherst, Ohio by brothers Eric and Evan Nord, but the company can trace its roots back to 1909 with the U.S. Automatic Company.

Today the company has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace.

Source: Investor Presentation

On December 11th, 2024, Nordson reported fourth quarter results for the period ending October 31st, 2024. For the quarter, the company reported sales of $744 million, 4% higher compared to $719 million in Q4 2023, which was driven by a positive acquisition impact, and offset by organic decrease of 3%.

Industrial Precision saw sales decrease by 3%, while the Medical and Fluid Solutions and Advanced Technology Solutions segments had sales increases of 19% and 5%, respectively.

The company generated adjusted earnings per share of $2.78, a 3% increase compared to the same prior year period.

Click here to download our most recent Sure Analysis report on NDSN (preview of page 1 of 3 shown below):

Dividend Aristocrat #5: Archer Daniels Midland (ADM)

• 5-year Expected Annual Returns: 14.3%

Archer-Daniels-Midland is the largest publicly traded farmland product company in the United States. Archer-Daniels-Midland’s businesses include processing cereal grains, oilseeds, and agricultural storage and transportation.

Archer-Daniels-Midland reported its third-quarter results for Fiscal Year (FY) 2024 on November 18th, 2024.

The company reported adjusted net earnings of $530 million and adjusted EPS of $1.09, both down from the prior year due to a $461 million non-cash charge related to its Wilmar equity investment.

Consolidated cash flows year-to-date reached $2.34 billion, reflecting strong operations despite market challenges.

Click here to download our most recent Sure Analysis report on ADM (preview of page 1 of 3 shown below):

Dividend Aristocrat #4: PPG Industries (PPG)

• 5-year Expected Annual Returns: 14.9%

PPG Industries is the world’s largest paints and coatings company. Its only competitors of similar size are Sherwin-Williams and Dutch paint company Akzo Nobel.

PPG Industries was founded in 1883 as a manufacturer and distributor of glass (its name stands for Pittsburgh Plate Glass) and today has approximately 3,500 technical employees located in more than 70 countries at 100 locations.

On January 31st, 2025, PPG Industries announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue declined 4.6% to $3.73 billion and missed estimates by $241 million.

Adjusted net income of $375 million, or $1.61 per share, compared favorably to adjusted net income of $372 million, or $1.56 per share, in the prior year. Adjusted earnings-per-share was $0.02 below expectations.

For the year, revenue from continuing operations decreased 2% to $15.8 billion while adjusted earnings-per-share totaled $7.87.

PPG Industries repurchased ~$750 million worth of shares during 2024 and has $2.8 billion, or ~10.3% of its current market capitalization, remaining on its share repurchase authorization. The company expects to repurchase ~$400 million worth of shares in Q1 2025.

For 2025, the company expects adjusted earnings-per-share in a range of $7.75 to $8.05.

Click here to download our most recent Sure Analysis report on PPG (preview of page 1 of 3 shown below):

Dividend Aristocrat #3: PepsiCo Inc. (PEP)

• 5-year Expected Annual Returns: 15.1%

PepsiCo is a global food and beverage company. Its products include Pepsi, Mountain Dew, Frito-Lay chips, Gatorade, Tropicana orange juice and Quaker foods.

Its business is split roughly 60-40 in terms of food and beverage revenue. It is also balanced geographically between the U.S. and the rest of the world.

Source: Investor Presentation

On February 4th, 2025, PepsiCo announced that it would increase its annualized dividend by 5.0% to $5.69 starting with the payment that was made in June 2025, extending the company’s dividend growth streak to 53 consecutive years.

That same day, PepsiCo announced fourth quarter and full year results for the period ending December 31st, 2025. For the quarter, revenue decreased 0.3% to $27.8 billion, which was $110 million below estimates.

Adjusted earnings-per-share of $1.96 compared favorably to $1.78 the prior year and was $0.02 better than excepted.

For the year, revenue grew 0.4% to $91.9 billion while adjusted earnings-per-share of $8.16 compared to $7.62 in 2023. Currency exchange reduced revenue by 2% and earnings-per-share by 4%.

Click here to download our most recent Sure Analysis report on PEP (preview of page 1 of 3 shown below):

Dividend Aristocrat #2: Hormel Foods (HRL)

• 5-year Expected Annual Returns: 15.4%

Hormel Foods is a juggernaut in the food products industry with nearly $10 billion in annual revenue. It has a large portfolio of category-leading brands. Just a few of its top brands include include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.

It has also pursued acquisitions to drive growth. For example, in 2021, Hormel acquired the Planters snack nuts business from Kraft-Heinz (KHC) for $3.35 billion, which has boosted Hormel’s growth.

Source: Investor Presentation

Hormel posted fourth quarter and full-year earnings on December 4th, 2024, and results were in line with expectations.

The company posted adjusted earnings-per-share of 42 cents, which met estimates. Revenue was off 2% year-on-year to $3.14 billion, also hitting estimates.

Operating income was $308 million for the quarter on an adjusted basis, or 9.8% of revenue. Operating cash flow was $409 million for Q4.

For the year, sales were $11.9 billion, and adjusted operating income was $1.1 billion, or 9.6% of revenue. Adjusted earnings-per-share was $1.58. Operating cash flow hit a record of $1.3 billion.

Click here to download our most recent Sure Analysis report on Hormel (preview of page 1 of 3 shown below):

Dividend Aristocrat #1: Eversource Energy (ES)

• 5-year Expected Annual Returns: 18.2%

Eversource Energy is a diversified holding company with subsidiaries that provide regulated electric, gas, and water distribution service in the Northeast U.S.

FactSet, Erie Indemnity, and Eversource Energy are the three new Dividend Aristocrats for 2025.

The company’s utilities serve more than 4 million customers after acquiring NStar’s Massachusetts utilities in 2012, Aquarion in 2017, and Columbia Gas in 2020.

Eversource has delivered steady growth to shareholders for many years.

Source: Investor Presentation

On February 11th, 2025, Eversource Energy released its fourth-quarter and full-year 2024 results. For the quarter, the company reported net earnings of $72.5 million, a significant improvement from a net loss of $(1,288.5) million in the same quarter of last year, which reflected the impact of the company’s exit from offshore wind investments.

The company reported earnings per share of $0.20, compared with a loss per share of $(3.68) in the prior year. For the full year 2024, Eversource reported GAAP earnings of $811.7 million, or $2.27 per share, compared with a full-year 2023 loss of $(442.2) million, or $(1.26) per share.

On a non-GAAP recurring basis, the company earned $1,634.0 million, or $4.57 per share, representing a 5.3% increase from 2023.

Click here to download our most recent Sure Analysis report on ES (preview of page 1 of 3 shown below):

The Dividend Aristocrats In Focus Analysis Series

You can see analysis on every single Dividend Aristocrat below. Each is sorted by GICS sectors and listed in alphabetical order by name. The newest Sure Analysis Research Database report for each security is included as well.

Consumer Staples

Industrials

Health Care

Consumer Discretionary

Financials

Materials

Energy

Information Technology

Real Estate

Utilities

Historical Dividend Aristocrats List
(1989 – 2025)

The image below shows the history of the Dividend Aristocrats Index from 1989 through 2025:

Note: CL, GPC, and NUE were all removed and re-added to the Dividend Aristocrats Index through the historical period analyzed above. We are unsure as to why. Companies created via a spin-off (like AbbVie) can be Dividend Aristocrats with less than 25 years of rising dividends if the parent company was a Dividend Aristocrat.

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet and image below is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

 

This information was compiled from the following sources:

Frequently Asked Questions

This section will address some of most common questions investors have regarding the Dividend Aristocrats.

1. What is the highest-paying Dividend Aristocrat?

Answer: Franklin Resources (BEN) currently yields 6.3%.

2. What is the difference between the Dividend Aristocrats and the Dividend Kings?

Answer: The Dividend Aristocrats must be constituents of the S&P 500 Index, have raised their dividends for at least 25 consecutive years, and satisfy a number of liquidity requirements.

The Dividend Kings only need to have raised their dividends for at least 50 consecutive years.

3. Is there an ETF that tracks the Dividend Aristocrats?

Answer: Yes, the Dividend Aristocrats ETF (NOBL) is an exchange-traded fund that specifically holds the Dividend Aristocrats.

4. What is the difference between the Dividend Aristocrats and the Dividend Champions?

Answer: The Dividend Aristocrats and Dividend Champions share one requirement, which is that a company must have raised its dividend for at least 25 consecutive years.

But like the Dividend Kings, the Dividend Champions do not need to be in the S&P 500 Index, nor satisfy the various liquidity requirements.

5. Which Dividend Aristocrat has the longest active streak of annual dividend increases?

Currently, there are 3 Dividend Aristocrats tied at 69 years: Procter & Gamble, Genuine Parts, and Dover Corporation.

6. What is the average dividend yield of the Dividend Aristocrats?

Right now, the average dividend yield of the Dividend Aristocrats is 2.0%.

7. Are the Dividend Aristocrats safe investments?

While there are never any guarantees when it comes to the stock market, we believe the Dividend Aristocrats are among the safest dividend stocks when it comes to the sustainability of their dividend payouts.

The Dividend Aristocrats have durable competitive advantages that allow them to raise their dividends each year, even during a recession.

Other Dividend Lists & Final Thoughts

The Dividend Aristocrats list is not the only way to quickly screen for stocks that regularly pay rising dividends.

• The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 54 stocks with 50+ years of consecutive dividend increases.
• The Blue Chip Stocks List: stocks that qualify as Dividend Achievers, Dividend Aristocrats, and/or Dividend Kings
• The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
• The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.

There is nothing magical about the Dividend Aristocrats. They are ‘just’ a collection of high-quality shareholder friendly stocks that have strong competitive advantages.

Purchasing these types of stocks at fair or better prices and holding for the long-run will likely result in favorable long-term performance.

Well, folks, with NVIDIA Corporation’s (NVDA) earnings report now in the rearview mirror, earnings season is winding down. So, it begs the question: Is it time to buy or sell? That’s the question my friend Jason Bodner and I answer in this week’s Navellier Market Buzz.

We preview earnings estimates of a few companies that are set to report over the next few days and review the results of some companies that announced last week. I also explain why certain stocks go down despite beating expectations and give my thoughts on Warren Buffett’s stockpiling of cash.

This week, a number of key economic reports are scheduled to be released. They include the Institute of Supply Management (ISM) manufacturing and services reports, the ADP and February payroll reports and the U.S. trade deficit. I explain what I expect from these critical reports in this week’s Market Buzz.

Click the play button below to check it out now!

Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist

Markets hit as Trump confirms tariffs

Global markets shuddered overnight as US president Donald Trump confirmed that new tariffs on Canada and Mexico would go ahead as planned at midnight Tuesday 4 March EST (4.00pm Tuesday AEDT).

An increased 20% tariff on Chinese goods – raised from the 10% announced in January – will also be implemented.

US shares were hit hard with the Dow Jones down 1.5%, S&P 500 down 1.8% and the Nasdaq falling 2.6%. The S&P 500 is now down 4.9% from recent highs while the Nasdaq is down 8.7% from recent highs.

However, the reactions in FX markets were more muted, with investors worried about the impact on US growth at a time when US data has recently started to weaken.

Overnight, the US’s March ISM manufacturing number was reported at 50.3, down from 50.9 last month, and below forecasts at 50.6. US retail sales and consumer confidence numbers have also recently missed forecasts.

As a result, the USD has actually weakened on the day, most notably falling sharply versus the euro. The EUR/USD gained 1.1%.

In APAC, the AUD/USD gained 0.3% and NZD/USD gained 0.4%. USD/SGD was up 0.4%.

On the other hand, the tariff-target markets like Chinese yuan and Canadian dollar weakened. USD/CNH gained 0.1%, USD/CAD climbed 0.2% and USD/MXN gained 0.5%.

USD weakens as markets fret about growth

The US dollar will remain in focus as markets digest the tariff news and look to key US data.

Most notably, later this week, the US non-farm payrolls will be released. We anticipate a little increase in job growth to 185k in February.

Unusually cold weather and wildfires contributed to January’s weakness, which should result in a good payback in this report.

Lead indicators indicate a possible underlying slowdown, and we anticipate that trend employment increases will decrease in the upcoming months.

President Trump’s federal hiring ban probably had an effect on government employment, which probably decreased to 15,000 during the month.

At 4.0%, the unemployment rate most likely stayed constant. Layoffs and hiring have both stayed low.

Euro, GBP gain as Europe seen insulated…for now

The euro and British pound were the outperformers overnight on the view that Europe and the UK appear to have avoided US tariffs, at least for now.

Today, the UK BRC shop pricing index will be released. For the last six months (August 2024–January 2025), BRC shop price inflation has been negative; however, in the January print, the rate of deflation slowed to -0.7% year over year.

In February, non-seasonally adjusted prices usually increase by 0.4% month over month; if they resumed that pace this year, the yearly rate would stay at -0.7% year over year.

The GBP has been resilient during recent tariff news with GBP/USD hitting two-month highs overnight. The GBP has been stronger in other markets across APAC.

The AUD/GBP fell to five-year lows overnight while NZD/GBP hit ten-year lows.

Aussie, kiwi hold on overnight, but remain near lows

Table: seven-day rolling currency trends and trading ranges  

Key global risk events

Calendar: 3 – 7 March  

All times AEDT

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

VOL. 39  NO. 3

Geopolitics is dominating the news these days. Uncertainty about the future of the global economy, political decisions by key governments, and the ongoing conflicts in Ukraine and the Middle East are central to public discourse. However, this uncertainty does not mean we can pause our activities until greater clarity emerges.

In other words, the need to report and analyze issues relevant to our audience remains unchanged, despite evolving trends and uncertain outcomes. While many key players may be cautious or even silent in commenting on recent events, we must continue to provide insights.

This month’s cover story examines the growing gap between the global need for green infrastructure and the funding available to support it. More traditional projects seem to receive a disproportionate share of funding, while more advanced and innovative initiatives struggle to gain backing. Is there enough money to fund all of this? The answer depends on who you ask.

In line with this, we present extensive coverage of Latin America, Central America, and the Caribbean in a special supplement that addresses various topics, from currencies to trade. This issue also highlights our annual Sustainability Awards, a topic that continues to spark debate worldwide in financial and political circles. Despite the divisiveness, there are clear outperformers who deserve to be recognized and celebrated.

Additionally, we analyze Kuwait’s current economic trends, focusing on ongoing reforms and efforts to diversify the economy.

Our monthly Global Salon addresses a topic transcending geopolitical uncertainty: accounting fraud detection. The conversation with Joanne Horton from Warwick Business School was stimulating and insightful, prompting us to dedicate more space to it than usual. This discussion reinforces our belief that, while geopolitical instability remains a key concern, it doesn’t overshadow the other crucial issues that authorities, corporations, and consumers continue to face.

Andrea Fiano | Editor at Large
[email protected]

New collectors’ commemorative type:

“International Women’s Day / María Moliner“

TECHNICAL DATA
Composition: silver .925
Diameter: 40.00 mm
Weight: 27.00 g
Mint: Fábrica Nacional de Moneda y Timbre (Spain)
Mintage: 4,000



(image from www.fnmt.es)

LINK: Fábrica Nacional de Moneda y Timbre

Chipmaking giant Taiwan Semiconductor Manufacturing Company (TSM) plans to invest $100 billion in U.S.-based chip manufacturing facilities, CEO C.C. Wei announced alongside President Trump on Monday.

The company said it will build three new chip fabrication plants, two advanced packaging facilities, and a research and development center at its complex in Arizona, growing the company’s total investment at the site to $165 billion.

“The most powerful AI chips in the world will be made right here in America,” Trump said at a televised press conference. “It’s a matter of economic security, it’s also a matter of national security,” he added. 

TSMC is the world’s largest semiconductor manufacturer, and expanding its U.S. production aligns with the Trump administration’s stated goal of ensuring AI chips are designed and manufactured domestically. Trump reiterated Monday plans to announce tariffs of 25% or more on semiconductors and other imports on April 2. Tariffs on goods from Canada and Mexico will begin Tuesday, Trump said.

The first factory at TSMC’s Arizona complex began production in the fourth quarter of 2024 and was recently in talks to produce Nvidia (NVDA) Blackwell chips. Two plants currently under construction are expected to begin production in 2028 and “by the end of the decade,” according to the company’s website.

The complex was awarded $6.6 billion in federal funding in 2024 through the CHIPS and Science Act, a 2022 piece of legislation supported by then-President Biden that earmarked over $50 billion for investment in semiconductor research and manufacturing facilities in the U.S.

U.S.-listed shares of TSMC fell 4% Monday as Nvidia and other AI and chip stocks lost ground amid concerns about policies on tariffs and chip export curbs.

Hello, Reader.

Geopolitical uncertainty abounds… tariffs are on the menu… earnings results are mixed… price action has stalled out… and so much more is throwing a wrench into the works.

But our partners at TradeSmith couldn’t be more certain about what’s coming.

And what’s coming is not a crash or a bear market.

What’s coming is the continuation of an epic melt-up that officially began in April of last year… and will likely only accelerate over the next 12 months.

Today, I’d like to share a special conversation between TradeSmith CEO Keith Kaplan and Michael Salvatore, the editor of TradeSmith Daily. In the video, Keith and Michael share exactly how the research team at TradeSmith reached that conclusion. (Hint: They did so by looking at the data – not the headlines.)

The conditions we’re seeing today, they say, mirror the biggest melt-ups in history… the kind that come around once or twice every 100 years. So, when they occur during your lifetime – you might not see another one again.

And when the TradeSmith team realized the gravity of this opportunity, they knew they had to develop something you could use to profit on the way up… and avoid the inevitable meltdown.

What they created is a strategy with an 80% win rate and 16% average returns over a 21-day hold time on hundreds of backtested trades.

Click here or on the video below to watch the conversation between Keith and Michael to see how they built it – and take a look at a fresh signal that flashed just seven trading days ago, on a stock you might not hear about anywhere else.

Plus, last Thursday, Keith hosted a research presentation that covers all this in much greater detail. You can watch a replay of the event here.

As part of his demonstration, he shared 10 stocks he thinks will dominate through the melt-up… and 10 more that are destined for the bargain bin.

By the end, he shared everything you need to understand just how bullish the next year will be.

Once again, you can watch a replay of the Keith’s special broadcast here.

Now, let’s take a look back at what we covered here at Smart Money last week…

Smart Money Roundup

It’s the Perfect Time for This Low-Risk, High-Reward Strategy

By targeting quality stocks in sudden, steep downtrends, the folks at TradeSmith have learned you can bank on a quick reversion to the mean that sends shares much higher from your entry. But why talk about it now? Read on as Keith Kaplan discusses the ultra-rare bullish signal his team is picking up… and the strategy perfectly suited to give you monumental gains.

Your Soaring Electric Bill Signals the Next Big Market Opportunity

A sky-high utility bill may have more to do with your portfolio’s potential profits than you think. And it has all to do with the solar industry. In last Thursday’s issue, Tom Yeung dives deeper into solar’s coming revolution, why we could see an uptick in solar spending, and how you can profit from it.

3 AI Stocks to Buy Before They Steal Nvidia’s Crown

Nvidia’srocky start to the year reminds us that investors should start considering companies that will eventually inherit the chip king’s momentum – the AI Appliers. Some of these companies use AI to enhance businesses, while others provide the energy AI needs to run. Continue reading to learn about under-the-radar AI plays set to produce strong investment gains in the coming years.

A Low Price to Pay for a Mega Melt-Up

Between Chinese AI breakthroughs, radical shifts in trade policy, the Federal Reserve’s rate-cutting cycle, and now a surge in inflation expectations, the headlines have been all over the place. All this chaos can’t help but make you wonder if we’re heading for a crash. Keith Kaplan is here to tell you how this isn’t the beginning of a bear market, but the setup for one of the biggest opportunities of your lifetime.

Regards,

Eric Fry

India’s Shapoorji Pallonji (SP) Group, a construction and real estate conglomerate, is negotiating with global private credit funds to raise $3.3 billion, marking the country’s largest local currency private debt deal. The funds will be used to refinance existing debt.

The group is controlled by billionaire Shapoor Pallonji Mistry, whose family ranks as the 13th richest in India, according to Forbes.

The group’s debt hit $5.2 billion in March 2020 due to high construction costs and working capital shortages during the pandemic. It utilized a one-time resolution (OTR) from the Reserve Bank of India, repaid $1.4 billion to lenders, and exited the plan by March 2022, becoming the largest and first fully repaid OTR in the country within a year.

Further, the group sold its assets, including Eureka Forbes, Gopalpur Port, and Dharamtar Port. The company’s debt decreased to $2.2 billion on March 31, 2024.

However, the maturing debt of $3.8 billion between March 2025 and April 2026 is a problem.

In 2021, Sterling Investments, linked to SP Group promoters, raised $2.2 billion from Ares SSG, a capital market company, and Farallon Capital Management LLC, pledging a 9.1% stake in Tata Sons and real estate assets, maturing in March 2025.

In June 2023, Cyrus Investments, a subsidiary of SP Group’s promoter entity Goswami Infratech, raised $1.6 billion at an interest rate of 18.75% against a 9.18% stake in Tata Sons as collateral, which will mature in April 2026.

The group is negotiating with several investors, including Cerberus Capital Management, Davidson Kempner Capital Management, Varde Partners, Farallon Capital Management, Ares Management, and EAAA India Alternatives, to refinance its debt. Deutsche Bank is the sole arranger for the deal.

The SP deal would deepen India’s private credit industry, which is expanding as the Budget 2025-2026 allocates $129 billion for the infrastructure sector and encourages private sector participation.

Indian corporations raised $6.77 billion in private credit deals in 2024. In 2025, the market anticipates key deals, including the second $500 million tranche for Reliance Capital by the Hinduja Group and the $212 million fundraising by TVS Mobility Group.

To mark 25 years since the Sacagawea dollar’s release, the United States Mint may issue a 24K gold coin in 2025 featuring its original design. The U.S. Mint presented the possibility today to the Citizens Coinage Advisory Committee (CCAC) for feedback.

The $1 coin, often called the Sacagawea “golden dollar” due to its composition that gives it a distinctive gold color, entered circulation in 2000 as part of an effort to establish a widely used dollar coin. That effort continued until 2002, when production was scaled back, and the coins were struck exclusively for collectors. In 2009, the Mint introduced its Native American $1 Coin Program, which features the same Sacagawea obverse design but annually changing reverse designs.

As proposed, the 2025 Sacagawea 25th Anniversary Gold Coin would be struck in a half-ounce of gold, with a diameter just 20 thousandths of an inch larger than the original dollar.

The obverse design features Sacagawea in a three-quarter profile with her infant son, Jean Baptiste, on her back. Inscriptions include “LIBERTY,” “IN GOD WE TRUST,” and “2025.” As U.S. Mint gold coins are produced at its West Point facility, the anniversary dollar would carry a “W” mint mark.

The reverse depicts a soaring eagle encircled by 17 stars, representing the number of states in the Union during the 1804 Lewis and Clark expedition. Its tail feathers match those of the coins released into circulation in 2000, rather than the more highly detailed diagonal tail feathers seen on the much scarcer promotional 2000 Sacagawea “Cheerios” dollars. Inscriptions read “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “ONE DOLLAR.”

The anniversary edition, as proposed, omits the half-ounce weight and .9999 fineness inscriptions. From a technical standpoint, these details could be added to the coin’s surface or edge. CCAC members expressed mixed opinions on whether to include them. Ultimately, the committee approved a motion recommending both designs as presented.

Other details, such as whether the coin will be issued in an uncirculated or proof finish, remain undecided or unannounced.