S&P 500 Dividend Weekly For the Week Ended 4-Aug-2026

Research evidence excerpt

J P M O R G A N

Global Markets Strategy

05 August 2026

S&P 500 Dividend Weekly

For the Week Ended 4-Aug-2026

Recap: Over the past week, 44 S&P 500 members announced new dividends

in line with their previous payouts, 8 announced hikes, and there were no cuts

or suspensions.

Global Equity Derivatives Strategy

Bram Kaplan, CFA AC

(1-212) 272-1215

J.P. Morgan Securities LLC

Dividend News:

UNP announced a 3% dividend increase. Additionally, KVUE, CLX,

VST, STE, BR, KIM, and FRT hiked by an average of ~5%. Together,

these 8 hikes add ~0.03 index points (ip) to the SPX’s annual dividend run

rate.

Daniel Motoc, CFA

On its 2Q earnings call, PFE reiterated its commitment to not cutting the

dividend and growing it over time.

(1-212) 270-4397

J.P. Morgan Securities LLC

Large payers AAPL, XOM, CVX, MRK, NEE, AMGN, and GILD

announced unchanged dividends over the past week, in line with

expectations. EOG held its dividend flat for a fifth consecutive quarter;

however, the timing of its next increase is less clear after the company

pulled forward its hike by one quarter last year.

(1-212) 622-0105

J.P. Morgan Securities LLC

Arda Sebuktekin

Tony SK Lee

(852) 2800-8857

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Davide Silvestrini

(44-20) 7134-4082

J.P. Morgan Securities plc

Performance: SPX dividend futures were little changed at the front end, but

rallied ~1-2% in the mid and longer-end of the curve w/w (Figure 2-Figure 3

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Open Interest in SPX dividend futures rose ~1% w/w, driven by increases in

2026-28 partially offset by a decrease in 2029 contracts outstanding (Figure 4

). Dividend options OI also rose ~1% w/w, split ~55% calls/45% puts, with a

notable increase in the Z8 80 puts outstanding (Figure 6).

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Breakdown of 2026 SPX Dividends: Out of 84.3 points of dividends expected

for FY26, ~59% (49.4ip) have already gone ex (realized) to date, ~12%

(10.2ip) have been announced (but not yet gone ex-dividend), and ~29%

(24.7ip) remain undeclared/at risk.

SPX bottom-up estimates fell slightly w/w (Figure 1). The estimated current

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