"The Pulse" -- #111 / Equity Market Update

Recruiting Timeline:

Banking:

Where We’re At:

• SA 2027: No new updates here—won’t see anything here until September

• SA 2026: No updates here. 105 firms are recruiting for SA 2026. This process is mostly dead and we will stop tracking in mid-August

• FT 2026: Needham & Company opened its app. 13 firms are actively recruiting for FT 2026. Interviews will kick off in the next 2 weeks  

• If you need some interview support or just need a place to vent, check out our Coaching Program: Coaching for banking, consulting, and buyside recruiting | The Pulse. 95%+ of those coached for the summer 2025 recruiting season received offers!

New SA 2026 Applications:

• None

New FT 2026 Applications:

• Needham & Company: Middle Market bank (FT 2026)

See below to gain access to our premium database, updated weekly, which houses the application processes for over 300+ banks/consulting/buyside firms! Gain an edge over everyone else by not having to spend countless hours tracking applications and deadlines.

Consulting:

Where We’re At:

• Capital One released its consulting application this week. Make sure to apply early!

SA 2026 released apps:

• None

FT 2026 released apps:

• Capital One - Strategy Consulting Associate (FT 2026)

Buyside:

Where We’re At:

• SA 2026: AQR Capital Management, PGIM, and CornerStone Partners all opened apps this week. Currently, 111 buyside firms are recruiting for SA 2026 seats 

New SA 2026 released apps:

• AQR Capital Management: Quantitative Research intern (SA 2026)

• PGIM: Private Capital Investment intern (SA 2026)

• CornerStone Partners: Investment intern (SA 2026)

The database is updated weekly and contains 300+ Investment Banking and Consulting internships/full-time positions along with:

• Interview tips for specific companies

• Interview prep material

• Applications and deadlines linked so that you can apply with one click

• Insider information about the application process

• Professionals to network with

• Buyside deadlines, interview prep, and people to network with for the sweatiest of students

We send the updated dataset every week with the latest banking and consulting job postings. We released our 111th update today.

Students we have been helping have already landed roles at Blackstone, Goldman, J.P. Morgan, Jefferies, Citi, and Solomon.

To get access to the database and the weekly updates, you make a one-time investment of $65 Credit Card / Debit Card: (ThePulsePrep—Stripe.com) that grants you annual access to the updated database (please reach out for additional payment options). If you don’t find our services helpful, we simply ask for feedback on an area we can improve upon and will refund your $65.

This is a small investment for a huge payout when you secure your dream offer!

Premium Database——>Database for banking, consulting and buyside roles | The Pulse 

Market Update:

Equities Update

Markets reached all-time highs last week, which is a stark contrast from where we were after the Trump Administration announced liberation day tariffs at the beginning of April. Since April lows, the market has rebounded ~30%. Wild.

This weekend, Trump threatened 30% tariffs on the EU and Mexico— two of our largest trading partners. It wouldn’t be surprising to see a market pullback this week, but that TACO (Trump Always Chickens Out) trade is hard to beat.

The good news is that earnings have been strong, and Wall Street analysts are projecting continued earnings growth among stocks.

One difference that we’ve seen unfold in 2025 is that the MAG 7 stocks are no longer moving in unison. It turns out there are more than 7 stocks we should be buying. Unlike in previous years, where the MAG 7 stocks (Apple, Amazon, Alphabet, Meta, Tesla, Nvidia, and Microsoft) moved together with large gains, there are winners and losers in 2025.

Taken as a whole, the MAG 7 stocks have actually hurt the growth of the S&P 500. The S&P 493 is delivering strong performance in the first half of 2025. Through June, the Magnificent 7 stocks returned 2.6% versus 6.2% for the S&P 500 Index (total returns).

It’s also important to note that for the first time in years, international equities had been outperforming the United States, which is not what was expected in 2025. In addition to depressed valuations relative to the U.S., Europe has ramped up defense spending.

Early in 2025, European stocks briefly outpaced U.S. equities due to volatility, rising fiscal stimulus in Germany, and weaker U.S. dollar dynamics. These factors made Europe an appealing investment for institutional and retail investors alike. The U.S. caught up later in the spring, largely driven by strong tech earnings. However, as seen below U.S. equities have crushed European equities for well over a decade.

Another surprise we’ve seen compared to what was expected in 2025 is the underperformance of small & mid-cap equities. Many thought that the Trump Administration’s pro-growth policies would benefit small and mid-cap companies. Instead, tariff worries, which have the potential to significantly impair smaller U.S. companies had the opposite effect.

U.S. small and mid-cap indices like the Russell 2000 and S&P MidCap 400 have underperformed in 2025, with small-caps down ~2.6%. Later this year, Trump’s pro-growth “One Big Beautiful Bill“ could provide tailwinds for these equities.

All that said, markets are so tough to predict, and 2025 has been an absolute rollercoaster for markets.

Disclosure: Nothing written here is financial advice or should be used for investment decisions.

Buyside vs Sellside

If you’ve ever talked to someone in finance, you’ve probably heard the terms “buyside” and “sellside” thrown around like everyone’s supposed to just know what they mean. Here’s a quick breakdown.

The sellside refers to the individuals or teams trying to sell investment ideas, advisory services, or products. Think investment banks, stock analysts, and brokers. Their job is to research companies, pitch stocks or deals, and help raise capital—whether that’s through IPOs, debt offerings, or M&A deals. They’re constantly talking to clients, writing reports, and trying to make deals/trades happen. They make money on commissions, trading fees (S&T), or advisory fees (IB).

The buyside, on the other hand, is where the money lives. These are the people who are actually doing the investing—hedge funds, private equity firms, mutual funds, pensions, endowments, etc. Their job is to take capital and grow it. Often this comes with a nice payday, which is why the buyside is so appealing. They use research (some from the sellside, some of their own) to decide what to buy, sell, or hold. Their only goal is to maximize returns for LPs. And unlike the sellside, they don’t care about volume. They care about making smart, profitable investments.

In short, the sellside brings the ideas and opportunities, while the buyside makes the investments. You can think of it like a real estate agent showing homes (sellside) vs. a buyer deciding which house to put an offer on (buyside).

They work closely together, but with very different incentives.

Going Forward:

Recruiting for Buyside Associate Roles?

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“The Pulse” #111

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