<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Inflation-Accelerate-or-Decelerate-06.29-JL.png\")
Source: The Market Ear June 2023<\/p>\n
<\/p>\n
Dave:<\/strong> and while headline CPI has been way up and now way down, Core CPI has been stable at a high rate for 2 years now<\/em><\/p>\n <\/p>\n \u00a0<\/em>Data as of June 2023<\/p>\n <\/p>\n John Luke:<\/strong> Rate expectations have been fully restored to their standing ahead of the March banking crisis<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke:<\/strong> as the idea of a July rate hike went completely away but is now commonly accepted again<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke: <\/i><\/b>Consensus earnings have flatlined awaiting direction, both in YOY change and in direction of estimates<\/i><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> with a similarly mixed outlook in Europe<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> High yield spreads remain tight despite calls for a recession<\/em><\/p>\n <\/p>\n <\/p>\n Derek:<\/strong> perhaps due to more discriminating lending standards<\/em><\/p>\n <\/p>\n <\/p>\n James:<\/strong> The broader market of stocks is still far short of typical rallies from bear market lows<\/em><\/p>\n <\/p>\n <\/p>\n Derek:<\/strong> but the bounce has been enough to finally pull a large number of bears from the sidelines<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> It\u2019s important to remember that the stock market is not the economy, especially when thinking about large-cap multinationals<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> but pundits still spend the bulk of their time trying to match the two<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/p>\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><\/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>\u00a0<\/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-2306-23.<\/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: The cleanest story since the October low has been decelerating headline inflation, which lines up with the history of stocks and CPI […]<\/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":[371,483,53,83,316,145,405,168,178],"class_list":["post-234038","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-banks","tag-bearmarket","tag-cpi","tag-inflation","tag-rates","tag-recession","tag-sandp500","tag-stocks","tag-yields"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Core-CPI-Bianco-June-2023-Dave.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Bank-Crisis-Shift-RJ-06.29-JL.png\")
Source: Raymond James as of 06.28.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Odds-of-Hike-Bianco-06.29-JL.png\")
Source: Bianco as of 06.29.2023<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Earnings-Outlook-06.26-JL.png\")
Source: The Market Ear as of 06.26.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Euro-Earnings-MS-06.28-Dave.png\")
Source: Morgan Stanley as of 06.26.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/High-Yield-Spreads-Strategas-06.26-Brad.png\")
Source: Strategas as of 06.26.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Junk-Bonds-WSJ-06.26.png\")
Data as of June 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Bear-Market-Bounce-Investech-June-2023-James.png\")
Source: Investech as of 06.12.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Sentiment-Indicator-Goldman-Sachs-06.26.png\")
Source: Goldman Sachs as of June 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Economy-vs.-Stocks-Strategas-June-2023-Brad.png\")
Source: Strategas as of June 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/06\/Sevens-Report-06.26-Dave.png\")
Source: Sevens Report as of 06.26.2023<\/p>\n\u00a0<\/strong>Disclosures<\/strong><\/h5>\n