Companies are issuing more stock than they buy back

Companies are now issuing more stock than they are buying back.
That is a major shift in equity supply.
For years, buybacks helped reduce share count and support earnings per share.
Now the balance is moving the other way.
More issuance means more supply for the market to absorb.
For $SPY, this matters because buybacks have been one of the strongest structural supports for U.S. equities.