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: September is famous for being the weakest month for stocks, with the 2nd half being the most challenging


Daily Returns for S&P 500

Source: Goldman Sachs as of Sept 2023


Beckham: and the inability of companies to buy their own shares in the weeks ahead doesn’t help


Source: Market Ear as of 09.12.2023


John Luke: Another challenge for stocks in the short-term is the valuation and sentiment backdrop


Source: PGM as of 09.12.2023


Dave: and at the moment, cash feels appealing to many against an uncertain backdrop


Source: Strategas as of 09.13.2023


Dave: Speaking of cash, money market funds are grabbing most of the inflows


Source: Strategas as of 09.12.2023


Brad: quite a change from most of the period since the financial crisis



Dave: The largest US tech companies continue to dominate the market cap weighted S&P 500


Source: Strategas as of 09.11.2023


Joseph: expanding again in 2023 through eye-popping returns relative to the rest of the index


Data as of 09.13.2023


Dave: but there’s hope for smaller companies to recapture some mojo if economic growth resumes


Source: Strategas as of 09.12.2023


Beckham: and some dispersion has often been helpful in keeping a wall of worry intact


Source: DataTrek as of Sept 2023


John Luke: The latest CPI report shows a troubling persistence in the rate of “super-core” inflation


Data as of 09.13.2023


John Luke: and the tightness in energy supplies isn’t going to help the Fed instill confidence that inflation has been broken


Data as of 09.12.2023


Dave: Correlation is a key input to diversification, and the challenge is that it moves around based on the state of inflation


Source: Strategas as of 09.12.2023






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