The Market in Pictures, June 20

Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from market momentum to earnings, trade policy to fiscal policy, and home owners to equity owners. Enjoy!

Brian: We’ve seen a steady stream of “scary” overnight headlines that have generally been buying opportunities

Source: Bespoke as of 06.16.2025

John Luke: and when earnings hold up, it’s tough for negative macro stories to stick

Data as of 06.17.2025

Jake: We’ve seen earnings revised lower in a handful of sectors

Data as of 06.17.2025

John Luke: so this quarter should be informative on whether earnings will be a tailwind or headwind

Brett: As is usually the case, stocks started their rise from the lows against maximum uncertainty

Data as of 06.16.2025

Ten: which generally coincided with the state of tariff rates

Source: Apollo as of 06.19.2025

John Luke: Interest expense is offsetting a large and rising portion of US tax receipts

Data as of May 2025

John Luke: but it’s not the only source of rising government spending

Data as of 06.19.2025

Arch: it doesn’t seem like the coming tax bill will be changing the path of government deficits

Data as of 06.17.2025

Joseph: Personal income is generally strong and rising in the US

Data as of 06.13.2025

Brad: but so is housing inventory

Source: Morgan Stanley as of 06.13.2025

Brian: which, at some point, can hopefully take us closer to the golden age of homebuying

Source: Bloomberg as of April 2025

Dave: The valuation premium for US stocks has shrunk from recent highs but remains historically high

Beckham: but the premium hasn’t stopped foreign investors from continuing to buy US stocks

Source: Apollo as of April 2025

Brad: In case anyone ever asks who actually holds stocks, this is a good reference

Data as of March 2025

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