Public Sentiment (Discourse)

## What this measures

The mean `sentiment_score` (0–1) across every analysis-lane document — earnings-call transcript where we hold one, the 8-K release otherwise — dated in the trailing 90 days, one per company per calendar quarter, across the S&P 500.

## Why it matters

This is the tone of the people running America's largest companies, scored line by line rather than surveyed. It leads the surveys because it is the primary source the surveys summarise.

## How to read

0.65+ is broadly confident; below 0.35 is broadly anxious. The change against the prior quarter matters more than the level.

## Revision — 2026-09-26

Universe updated to current S&P 500 constituents (8 out, 3 in). Out: Builders FirstSource, Molson Coors and The Trade Desk, which left the index on 21 September 2026; Electronic Arts, which was taken private and left on 5 August 2026; and MongoDB, Cloudflare, Snowflake and Zoom, which were never members and had been included in error since May 2026. In: Bloom Energy, Everpure and Illumina, which joined on 21 September 2026. Membership now comes from a dated constituent list refreshed monthly. The corrected list applies from 26 September 2026. Readings before that date are unchanged.