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In August, recent laggards became winners (Rest of World stocks>S&P 500, US small caps>large caps, Value>Growth, Health Care > Technology, Apple/Alphabet).
US small cap Growth has been a consistent winner versus its Value counterpart since 2010, recently outperforming by 5 percentage points. This is within normal bounds and does not signal an impending rotation back into Value.
$IWO $IWN
The Russell 2000 has outperformed the S&P 500 over the last 100 days, an unusual occurrence in the 2023 – present bull market. We’ve been calling for this move but, without a fresh catalyst, we are concerned it may fade over the next 100 days.
$IWM
DataTrek's Nick Colas: “The next important market catalyst will be Nvidia’s earnings on Wednesday after the market close... it could either swamp or turbocharge the usual post-Fed-chair move higher” following Jackson Hole speeches." @MarketWatch@CIdzelismarketwatch.com/story/stock-ma…
US Investment Grade (IG) corporate bond spreads just hit lows last seen in July 1998 (0.77 percentage points), even lower than just after the November 2024 US general elections. Just as with stocks, the corporate bond market is extremely confident in US economic growth.
This year is only the 2nd time in Fed Chair Powell’s tenure that the S&P 500 fell in the week leading up to his Jackson Hole speech. History suggests the index should continue Friday’s rally this week, but $NVDA ’s earnings release on Wed will also inform market direction.
While Chair Powell’s Jackson Hole speech was a pleasant surprise for equity markets, Fed Fund Futures barely moved. They continue to discount a 25 basis point cut in September and again in December.
Comparing current S&P 500 valuations to the late 1990’s dot com bubble misses the critical issue of Big Tech fundamentals then versus now. Our report tonight fills that void.
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Mutual fund/ETF investors turned positive on US stocks last week, helping propel the S&P to a fresh high. Given their general wariness, however, this bullishness may not continue.
The Nasdaq Comp continues to eerily track its mid-1990s bull run, up more than double (106%) since its low in December 2022, close to the index’s 111% gain over the same period from the start of 1995.
The equal weight S&P 500 has recently underperformed the traditional cap weighted version of the index by +2 standard deviations. This suggests that further rotation into cyclicals/non-Tech is likely.
$RSP $SPY
The @AtlantaFed's GDPNow model is currently predicting Q3 growth of 2.3% based on July’s economic releases. The current quarter is picking up right where Q2 left off.
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192K Followers 1K FollowingChief Market Strategist at @CarsonGroupLLC
🔎 for the perfect BBQ and host to the Facts vs Feelings podcast
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