The Market in Pictures, November 10

by | Nov 10, 2023 | 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:

 

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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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.

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