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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