The Market in Pictures, July 14

by | Jul 14, 2023 | Blog, Charts

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:

 

John Luke: The lagging broader market has finally picked itself up in recent weeks

 

 

Beckham: though most of this year’s equity gains have been from P/E multiples expanding, not earnings growth

 

Data as of 07.12.2023

 

Joseph: The popular megacap techs, in particular, have seen an amazing rise in valuations

 

Source: Ned Davis Research as of 06.30.2023

 

Dave: with a mere mention of Artificial Intelligence giving an additional bump

 

Data as of 07.10.2023

 

Beckham: perhaps setting up a reversion trade?

 

Source: Strategas as of 07.10.2023

 

Dave: It will be hard to get actual earnings growth with Nominal GDP fading from recent growth rates

 

Source: Raymond James as of 07.10.2023

 

Brad: though there is a wide dispersion of expectations from Consumer Discretionary down to Energy, and in between

 

Source: Strategas as of 07.10.2023

 

Dave: Core CPI ex-shelter is now approaching the Fed’s stated target

 

Source: Raymond James as of 07.11.2023

 

John Luke: but looking to the rest of the year, the timeline of comps suggests that 2% would be a tough destination to reach

 

Data as of 07.12.2023

 

John Luke: particularly with the possibly structural labor force shortage that has emerged in recent years

 

Source: Alpine as of 07.10.2023

 

John Luke: The closely watched 10-yr Treasury yield hasn’t been very responsive to the recent fall in headline inflation

 

Source: Strategas as of 07.12.2023

 

John Luke: but if it finally moves out of this range, here’s a guide to the impact on fixed income price moves

 

Source: JP Morgan as of 07.11.2023

 

Brad: Fun with math, one way to begin an relative comparison of the valuations of competing asset classes

 

 

 

 

 

Source: Strategas as of 07.10.2023

 

 

 

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Advisory services offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm’s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198.

Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama.

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