You are correct that there have been stock buybacks, as well. But I'm not sure it counts as "most."

First, of the companies that are doing stock buybacks, not all are doing only stock buybacks. Many are doing other things as well.

Second, there's a whole great big world out there called "local news" where you'll see these stories that aren't covered by CNN, Marketwatch, CNBC, etc...

Yes, some big companies are doing stock buybacks, but there's a lot more going on in the business world than the Fortune 500.