The Market in Pictures, July 21

by | Jul 21, 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:

 

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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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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