S&P 500 Dividend Weekly

Research evidence excerpt

S&P 500 Dividend Weekly

J P M O R G A N Global Markets Strategy

08 July 2026

For the Week Ended 07-Jul-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, 5 S&P 500 members announced new dividends in (1-212)bram.kaplan@jpmorgan.com272-1215

line with their previous payouts, one announced a hike, and there were no cuts

J.P. Morgan Securities LLC

or suspensions. AC Daniel Motoc, CFA

(1-212) 622-0105• Dividend News:

daniel.motoc@jpmchase.com

• PNC announced an 18% dividend hike, in line with its post-CCAR J.P. Morgan Securities LLC

guidance, which adds ~0.06 index points (ip) to the SPX’s annual dividend Arda Sebuktekin

run rate. (1-212) 270-4397

arda.sebuktekin@jpmchase.com

• SPCX was added to the Nasdaq 100 post-close on Monday. The addition J.P. Morgan Securities LLC

represents a net drag of ~2.4 ips to the NDX’s annualized run-rate, as SPCX Tony SK Lee

is a non-payer (and will likely act as a further drag when the full weight is (852) 2800-8857

added at a later date). tony.sk.lee@jpmorgan.com

• Large payers O and SBUX announced unchanged dividends over the past J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

week, in line with expectations. Davide Silvestrini

(44-20) 7134-4082

• Performance: SPX dividend futures were little changed at the front-end of the davide.silvestrini@jpmorgan.com

curve and saw small increases (<1%) at the long-end of the curve w/w (Figure J.P. Morgan Securities plc

2S&P50dividendfuturestermstructure - Figure 3S&P50dividendfutureslevels).

50dividendfuturesopeninterestS&P50dividendfuturesopenintere).• Open Interest in SPX dividend futures decreased ~0.4% w/w (Figure 4S&P