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: In the past few decades, the highest-growing half of S&P 500 industries have steadily outperformed the 50 slowest-growing


Source: Raymond James as of 08.29.2023


Dave: which has lifted valuations as cap-weighted indexes tilt in the direction of higher-growth industries


Source: Goldman Sachs as of August 2023


John Luke: The prevalence of growth-oriented sectors is a big reason for US dominance since the global financial crisis



John Luke: and resulted in large disparities between valuations of US stocks and international ones


Source: Bernstein as of 08.28.2023


John Luke: Earnings estimates are now far lower than they were a year ago


Source: Bernstein as of 08.28.2023


Brad: but stable enough to have avoided the feared earnings recession


Source: Strategas as of 08.28.2023


John Luke: Credit delinquencies are rising for young Americans


Source: Pavilion as of Aug 2023


Joseph: but corporate credit spreads remain tight


Source: Strategas as of 08.28.2023


John Luke: and a flood of private equity money is on hand to provide liquidity in any slowdown


Source: Strategas as of 08.28.2023


Joseph: US capital spending is surging


Data as of August 2023


Dave: contributing to the largest multi-year GDP rise in decades


Data as of July 2023


John Luke: US home prices are back to their highs after a slight dip


Data as of July 2023


Brad: which, combined with higher rates, has led to a significant rise in the monthly expense of buying a home


Source: Strategas as of 08.28.2023


Dave: leading to a major dip in new mortgage applications


Data as of August 2023


Beckham: Stocks and bonds have moved in tandem much more than usual this year


John Luke: revealing the imperfect nature of bonds as a diversifier to stocks


Source: BoA as of 08.28.2023


Dave: Worth repeating, we need a light hurricane season to avoid compounding the already tight situation in crude supply










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