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:


Brad: Q3 earnings results ran ahead of estimates by a wide margin


Source: Strategas as of 11.03.2023


Dave: and while the earnings trough seems to be in the rearview mirror


Source: Morgan Stanley as of 11.06.2023


 Dave: it’s not exactly resulting in a bump to Q4 estimates and beyond


Source: Bianco as of 11.07.2023


Brad: While the Mag 7 is dominating earnings this year


Source: Strategas as of 11.03.2023


Joseph: there’s a story in the past few years about the impact of earnings growth on market leadership


Source: Raymond James as of 11.10.2023


Brett: The Fed Funds rate is above the average corporate bond coupon for the first time in decades


Data as of October 2023


Beckham: as the Fed’s zero-rate policy turned out to be one heckuva tailwind for corporations willing and able to raise debt


Data as of October 2023


John Luke: The same cannot be said for the US government, as they took on huge debt and relied on short-term maturities


Data as of November 2023


Joseph: Large banks and small banks have taken a much different approach to their business activity since the SVB crisis


Data as of October 2023


Brett: but the tighter lending standards haven’t flowed through into wider high-yield spreads like they have in the past


Data as of October 2023


Beckham: Asset flows have sector have been dominated by technology


Data as of 11.08.2023


Dave: resulting in a continued valuation split between technology and the rest of the market


Source: Piper Sandler as of October 2023


John Luke: The cumulative inflation of the past few years is adding up to real longevity risk for those relying on fixed cash flows


Data as of 11.08.2023


Dave: A reminder that markets have historically made their way through geopolitical events without much impact


Data as of January 2023







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