S&P 500 Dividend Weekly

Research evidence excerpt

S&P 500 Dividend Weekly

J P M O R G A N Global Markets Strategy

01 July 2026

For the Week Ended 30-Jun-2026

• See US Equity Derivatives Strategy for our dividend outlook and our Global Equity Derivatives Strategy

AC preferred dividend futures trades. Bram Kaplan, CFA

• Recap: Over the past week, 15 S&P 500 members announced new dividends (1-212)bram.kaplan@jpmorgan.com272-1215

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

J.P. Morgan Securities LLC

cuts or suspensions.

Daniel Motoc, CFA

(1-212) 622-0105• Dividend News:

daniel.motoc@jpmchase.com

• Banks dividends: The 2026 stress test results were released last week, and J.P. Morgan Securities LLC

several large banks subsequently announced intended dividend changes Arda Sebuktekin

(see Table 1 below). Most signaled double-digit % increases vs. their (1-212) 270-4397

prior payout. arda.sebuktekin@jpmchase.com

Across banks that communicated post-CCAR dividend intentions, the Tony SK Lee

aggregate outcome was a positive surprise of ~0.22 index points (ip) (852) 2800-8857

tony.sk.lee@jpmorgan.com

annualized vs. consensus expectations, and an increase of ~0.58ip vs. each J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

company’s last payout. Morgan Broking (Hong Kong) Limited

Davide Silvestrini

We expect additional updates in the coming weeks, as BAC and several (44-20) 7134-4082

regional banks have yet to announce post-CCAR dividend changes. Note davide.silvestrini@jpmorgan.com

J.P. Morgan Securities plc

that these announcements reflect intended payout amounts, but none of the

banks formally declared a new dividend yet.

• KR raised its dividend by ~11% and DRI by 8%, together adding ~0.02 ip

to the SPX’s annual dividend run rate.