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:


Beckham: The YTD rally in the S&P 500 has all been due to P/E multiples rising


Source: Strategas as of 07.16.2023


JD: but that hasn’t stopped Wall Street strategists from lifting targets as price runs away from them


Data as of 07.20.2023


John Luke: though it’s taking some time for investors to look away from parking in cash


Data as of 07.14.2023


John Luke: Soft landing remains the expectation among global fund managers


Data as of 07.17.2023


Dave: with Goldman more optimistic than consensus and again lowering their odds of a recession


Source: Goldman Sachs as of 07.14.2023


Brad: as some indicators firm up but others firmly pointed at a sharper slowdown


Source: Strategas as of 07.18.2023


Joseph: Housing a topic of much discussion but prices generally stabilizing after some weakness


Data as of 07.16.2023


Beckham: as hopeful buyers wait for owners to give up their cheap mortgages


Data as of June 2023


Brad: but long-term, just like commercial real estate it’s probably all about desirability of location



John Luke: A fall from above 9% to near 3% in US CPI would rank among the largest drops in modern history


Source: BofA as of 07.17.2023


John Luke: as nearly all components of the inflation measures have fallen


Data as of 07.17.2023


John Luke: but a structural shortage of workers will likely present a challenge to reaching the Fed’s stated 2% target for inflation


Data as of 07.14.2023


 Beckham: Big swings in rates have led to big swings in net income for S&P companies, historically


Data as of 07.17.2023


 Brad: and right now, forecasts for energy and materials companies seem to be expecting the worst of it


Source: Raymond James as of 07.14.2023


Derek: though maybe that can set a tone for positive earnings surprises, a key factor in recent market recoveries


Data as of 07.14.2023


Dave: I think we can all agree a continuation of this trend would be in our best interest


Source: Strategas as of 07.17.2023






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