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:


John Luke: NVDA is the current battleground stock, but remember when there were 100s of absurdly-priced “growth” stocks?


Source: Strategas as of 09.04.2023


Beckham: and another way to view the craziness of 2021 is through the comparison of IPO activity


Source: Goldman Sachs as of August 2023


Dave: The big anomaly this year has been growth stocks outperforming in the face of higher real yields


Source: Bernstein as of 09.05.2023


Dave: which has manifested itself in a tiny group of growth stocks contributing nearly the entire YTD return


Source: Strategas as of 09.04.2023


Dave: and significant dispersion vs. bank stocks


Source: Strategas as of 09.07.2023


Brad: ironically, this intra-market split has been mostly a US story


Data as of August 2023


John Luke: Headline inflation has come down but the underlying drivers remain well above the Fed’s 2% target


Data as of 09.01.2023


John Luke: and most of the inputs seem to have troughed, with the potential to rise together


Source: Alhambra Investments as of 09.04.2023


John Luke: leading to a re-acceleration of headline inflation numbers


Source: Cleveland Fed as of 09.05.2023


Beckham: The appetite for homebuying is running awfully low


Source: Morgan Stanley as of 09.06.2023


Dave: but home prices are sitting close to highs


Data as of 09.03.2023


Dave: as the all-important supply side remains very tight since few want to give up their mortgages


Data as of 09.03.2023


John Luke: Despite the continued rate hikes, market conditions under the surface have actually become a bit easier


Data as of August 2023


John Luke: which has probably contributed to the surprising lack of volatility in stocks


Source: Goldman Sachs as of 09.01.2023


Dave: but often stability breeds instability and the range of outcomes from here is pretty wide


Source: Sevens Report as of 09.07.2023


Joseph: Stock-bond correlation is dynamic not static, could be a new regime underway


Source: Bianco as of 09.01.2023






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