<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Mortgage-Rates-YCharts-07.06.23.png\")
Source: YCharts<\/p>\n
<\/p>\n
John Luke:<\/strong> but US buyers are in far different shape than in other parts of the world<\/em><\/p>\n <\/p>\n <\/p>\n Beckham:<\/strong> The Yield Curve is the primary marker folks point to when talking about a coming recession<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke:<\/strong> but credit spreads don\u2019t always give huge lead times from widening until recessions hit<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> Consensus earnings have fallen steadily from last year\u2019s high<\/em><\/p>\n <\/p>\n <\/p>\n Derek:<\/strong> but it\u2019s energy that has been responsible for the bulk of the decline in 2023<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> Expansion of price\/earnings multiples has been the primary driver of this year\u2019s equity gains<\/em><\/p>\n <\/p>\n <\/p>\n Beckham:<\/strong> which is resulting in a widening spread between earnings yield and real Treasury yields<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> This year has been a resumption of the tough stretch for value stocks <\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> and even tougher as you go down the size spectrum, as shown by equal-weight vs. cap-weight<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n Dave:<\/strong> you can also see it in tech vs. non-tech<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/strong> On cue, retail investors started to get bullish after the market took off without them<\/em><\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/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><\/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-2307-14.<\/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: Mortgage rates are moving higher again Source: YCharts John Luke: but US buyers are in far different shape than in […]<\/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":[493,132,492,405,168,377,153,49],"class_list":["post-234079","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-credit","tag-earnings","tag-mortgagerates","tag-sandp500","tag-stocks","tag-tech","tag-treasury","tag-yield-curve"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Global-Housing-HT-Logan-Mohtashami-June-2023-JL.jpg\")
Source: HT Logan Mohtashami as of June 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Recession-Odds-HT-Daily-Chartbook-07.05.jpg\")
Data as of 07.05.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/BBB-spreads_June-2023.png\")
Data as of June 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Consensus-Earnings-Down-Strategas-07.03-Brad.png\")
Source: Strategas as of 07.03.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Earnings-Estimates-Energy-Hurting-Deutsche-Bank-07.06.jpg\")
Data as of 07.03.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/P-E-Expansion-07.03-Brad.png\")
Source: Piper as of 07.03.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Equity-Valuations-vs.-Real-Yields-Market-Ear-07.05-Beckham.png\")
Source: The Market Ear as of 07.03.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Tough-Value-Stretch-BofA-07.03-Dave.png\")
Data as of 06.30.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Cap-vs.-Equal-Strategas-07.03-Dave.png\")
Source: Strategas as of 06.30.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/Tech-vs.-Non-Tech-Bianco-06.30-Dave.png\")
Data as of 06.30.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/07\/AAII-Sentiment-Bespoke-07.06.png\")
Source: Bespoke as of 07.06.2023<\/p>\nDisclosures<\/strong><\/h5>\n