{"id":233951,"date":"2023-06-16T13:22:47","date_gmt":"2023-06-16T17:22:47","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=233951"},"modified":"2023-06-16T16:41:37","modified_gmt":"2023-06-16T20:41:37","slug":"the-market-in-pictures-june-16","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-june-16\/","title":{"rendered":"The Market in Pictures, June 16"},"content":{"rendered":"

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:<\/p>\n

 <\/p>\n

John Luke:<\/strong> Most of the yield curve has separated itself from the Fed Funds rate, with seemingly no rush to sync up<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 06.14.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> Clearly the Fed sees that inflation means more than just the latest CPI headline<\/em><\/p>\n

 <\/p>\n

\"\"Source: US Bureau of Labor Statistics as of 6.15.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> with services being a stickier item than goods ever was<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Bianco Research as of 5.31.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> For better or worse, corporate profit margins remain off the charts<\/em><\/p>\n

 <\/p>\n

\"\"Source: Bloomberg as of 5.31.2023<\/p>\n

\u00a0<\/em><\/p>\n

Dave:<\/strong> and based on future earnings estimates, strategists think this will remain the case<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Morgan Stanley as of 6.15.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> The impact of quantitative easing is most obvious in the huge expansion of the Fed\u2019s balance sheet<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 06.12.2023<\/p>\n

\u00a0<\/em><\/p>\n

John Luke:<\/strong> which will be tougher to maintain as higher rates push interest expense higher<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Strategas as of 6.14.2023<\/p>\n

\u00a0<\/em><\/p>\n

Dave:<\/strong> Judging by recent bear markets, this strength is too much to maintain a \u201cbear market\u201d label<\/em><\/p>\n

\u00a0<\/em>\u00a0<\/em><\/p>\n

\"\"Source: Bloomberg as of 06.14.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> but bear markets generally end with high unemployment, not record lows<\/em><\/p>\n

 <\/p>\n

\"\"Source: BLS as of 6.16.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> and with valuations so high<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Strategas as of 6.12.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> Investors have been flocking to these new higher rates in bonds, but may be missing a huge dividend growth opportunity<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

Source: Bank of America as of 6.15.2023<\/p>\n

\u00a0<\/em><\/p>\n

John Luke:<\/strong> Compounders can only do their thing if held for the long-term, interesting look at the past decade\u2019s biggest wealth creators<\/em><\/p>\n

 <\/p>\n

\"\"Source: Mauboussin as of 12.31.2022<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Disclosures<\/strong><\/h5>\n

 <\/p>\n

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.<\/em>\u00a0<\/em><\/p>\n

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.<\/em><\/p>\n

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.<\/em><\/p>\n

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\u2019s 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-2306-15.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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: Most of the yield curve has separated itself from the Fed Funds rate, with seemingly no rush to sync up   Source: […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,194],"tags":[483,84,60,53,132,57,482,481,245,475],"class_list":["post-233951","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-bearmarket","tag-bonds","tag-compounders","tag-cpi","tag-earnings","tag-fed","tag-interestrates","tag-profit","tag-valuations","tag-yieldcurve"],"yoast_head":"\nThe Market in Pictures, June 16 - Aptus Capital Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-june-16\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Market in Pictures, June 16 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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