The Market in Pictures, September 8

by | Sep 8, 2023 | 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:

 

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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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.

Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama.

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