The Market in Pictures, July 7

by | Jul 7, 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: Mortgage rates are moving higher again

 

Source: YCharts

 

John Luke: but US buyers are in far different shape than in other parts of the world

 

Source: HT Logan Mohtashami as of June 2023

 

Beckham: The Yield Curve is the primary marker folks point to when talking about a coming recession

 

Data as of 07.05.2023

 

John Luke: but credit spreads don’t always give huge lead times from widening until recessions hit

 

Data as of June 2023

 

Brad: Consensus earnings have fallen steadily from last year’s high

 

Source: Strategas as of 07.03.2023

 

Derek: but it’s energy that has been responsible for the bulk of the decline in 2023

 

Data as of 07.03.2023

 

Brad: Expansion of price/earnings multiples has been the primary driver of this year’s equity gains

 

Source: Piper as of 07.03.2023

 

Beckham: which is resulting in a widening spread between earnings yield and real Treasury yields

 

Source: The Market Ear as of 07.03.2023

 

Dave: This year has been a resumption of the tough stretch for value stocks

 

Data as of 06.30.2023

 

Dave: and even tougher as you go down the size spectrum, as shown by equal-weight vs. cap-weight

 

Source: Strategas as of 06.30.2023

 

Dave: you can also see it in tech vs. non-tech

 

Data as of 06.30.2023

 

Joseph: On cue, retail investors started to get bullish after the market took off without them

 

Source: Bespoke as of 07.06.2023

 

 

 

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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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