Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit

Summary

The S&P 500 hasn’t made a new all-time high since early June, and volatility appears ready to dominate market narratives once again. A dispersion trade, i.e., financial stocks rising when tech stocks fall, has buoyed indices from a sharper decline, but the market is starting to look disjointed as the AI trade emits hiccups. Who benefits from outsized volatility? Fee-based asset managers and market makers, and three important companies in this industry just reported earnings. If you’re considering a wager on continued volatility, be sure to digest the Q2 reports from these three firms. Which Market Tollbooth Is Best Suited for Your Portfolio?Markets are like interstate highways. Most roads are free to traverse, but some charge tolls for various reasons (private ownership, recouping maintenance costs, etc.). In markets, most brokers offer commission-free equity trading, but some assets or services may incur fees. The companies that offer these assets are often considered ‘market tollbooths’ because investors must pay fees to access them. But offerings vary, and choosing stocks in this vein means choosing which revenue stream you think will have the most value in the future. MSCI: A Dip Worth Buying as Premium Valuation ResetsMSCI Today$550.82 -1.70 (-0.31%) As of 07/24/2026 03:59 PM Eastern This is a fair market value price provided by Massive. Learn more.52-Week Range$501.08▼$644.77Dividend Yield1.49%P/E Ratio30.13Price Target$709.50MSCI Inc. NYSE: MSCI sold off sharply following its fiscal Q2 2026 results on July 21, experiencing a painful 12% pullback in response to a narrow top- and bottom-line miss. Revenue grew more than 12% year-over-year (YOY), and the company reported a new record for assets under management (AUM). The misses were minuscule; earnings per share (EPS) missed analysts' expectations by approximately 1%, and revenue fell short by just 0.3%. Stocks with premium valuations are frequently punished for the slightest misstep, and management does expect...