The Market in Pictures, November 25

by | Nov 25, 2022 | 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:

 

Dave: As is usually the case, this equity rally has attracted inflows

 

Source: Strategas as of 11.18.2022

 

Joseph: and is settling into levels that have accompanied the other bear market peaks in 2022

 

Data as of 11.22.2022

 

JL: and bringing equity valuations into the upper range of historical markers

 

Data as of 11.22.2022

 

Joseph: For the first time in forever, Treasuries are offering a serious alternative to equity dividend yields

 

Data as of 11.18.2022

 

JL: high yield spreads have done very little to compensate investors for the additional credit risk

 

Source: Raymond James as of 10.31.22

 

Joseph: Traditional recession indicators are mixed on where the US economy may go

 

Data as of 11.17.2022

 

JL: though a recession in actual corporate earnings is the data point that ultimately matters more to equity markets

 

Source: Morgan Stanley as of 11.18.2022

 

JL: Declining dominance by megacap tech has actually been warranted by fundamentals, but may not be such a bad thing long-term

 

Data as of 11.20.2022

 

 

Dave: as other parts of the economy pick up the slack and position for future growth. Quite a dispersion by sector in relative performance vs. the S&P 500

 

Source: Raymond James as of 11.21.2022

 

 

Dave: Fed pauses have historically been decent times to be invested in stocks

 

Data as of 11.18.2022

 

Dave: and while money supply growth has been abnormally stagnant in 2022, the really abnormal number in this series is 2020

 

 

 

 

Disclosures

 

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward looking statements cannot be guaranteed. Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.

This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible. 

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.  

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. According to our Annual Survey of Assets, an estimated USD 15.6 trillion is indexed or benchmarked to the index, with indexed assets comprising approximately USD 7.1 trillion of this total (as of Dec. 31, 2021). The index includes 500 leading companies and covers approximately 80% of available market capitalization.  

When a page is marked “Advisor Use Only” or “For Institutional Use”, the content is only intended for financial advisors, consultants, or existing and prospective institutional investors of Aptus. These materials have not been written or approved for a retail audience or use in mind and should not be distributed to retail investors. Any distribution to retail investors by a registered investment adviser may violate the new Marketing Rule under the Investment Advisers Act. If you choose to utilize or cite material we recommend the citation, be presented in context, with similar footnotes in the material and appropriate sourcing to Aptus and/or any other author or source references. This is notwithstanding any considerations or customizations with regards to your operations, based on your own compliance process, and compliance review with the marketing rule effective November 4, 2022. 

Advisory services are 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. ACA-2211-21.

Related Articles