{"id":234121,"date":"2023-07-14T11:07:45","date_gmt":"2023-07-14T15:07:45","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=234121"},"modified":"2023-07-14T12:08:29","modified_gmt":"2023-07-14T16:08:29","slug":"the-market-in-pctures-july-7-2","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pctures-july-7-2\/","title":{"rendered":"The Market in Pictures, July 14"},"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> The lagging broader market has finally picked itself up in recent weeks <\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Beckham:<\/strong> though most of this year\u2019s equity gains have been from P\/E multiples expanding, not earnings growth<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.12.2023<\/p>\n

 <\/p>\n

Joseph:<\/strong> The popular megacap techs, in particular, have seen an amazing rise in valuations<\/em><\/p>\n

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

\"\"Source: Ned Davis Research as of 06.30.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> with a mere mention of Artificial Intelligence giving an additional bump<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.10.2023<\/p>\n

 <\/p>\n

Beckham:<\/strong> perhaps setting up a reversion trade?<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.10.2023<\/p>\n

\u00a0<\/strong><\/p>\n

Dave:<\/strong> It will be hard to get actual earnings growth with Nominal GDP fading from recent growth rates<\/em><\/p>\n

 <\/p>\n

\"\"Source: Raymond James as of 07.10.2023<\/p>\n

\u00a0<\/strong><\/p>\n

Brad:<\/strong> though there is a wide dispersion of expectations from Consumer Discretionary down to Energy, and in between<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.10.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> Core CPI ex-shelter is now approaching the Fed\u2019s stated target<\/em><\/p>\n

 <\/p>\n

\"\"Source: Raymond James as of 07.11.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> but looking to the rest of the year, the timeline of comps suggests that 2% would be a tough destination to reach<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.12.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> particularly with the possibly structural labor force shortage that has emerged in recent years<\/em><\/p>\n

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

\"\"Source: Alpine as of 07.10.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> The closely watched 10-yr Treasury yield hasn\u2019t been very responsive to the recent fall in headline inflation<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.12.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> but if it finally moves out of this range, here\u2019s a guide to the impact on fixed income price moves<\/em><\/p>\n

 <\/p>\n

\"\"Source: JP Morgan as of 07.11.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> Fun with math, one way to begin an relative comparison of the valuations of competing asset classes<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

 <\/p>\n

\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Source: Strategas as of 07.10.2023<\/p>\n

 <\/p>\n

\u00a0<\/strong><\/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><\/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-2307-21.<\/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 lagging broader market has finally picked itself up in recent weeks     Beckham: though most of this year\u2019s equity gains […]<\/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":[214,477,53,132,94,273,497,179,383,496,168,245],"class_list":["post-234121","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-10-year-treasury","tag-ai","tag-cpi","tag-earnings","tag-energy","tag-equity","tag-labor","tag-markets","tag-megacap","tag-reversion","tag-stocks","tag-valuations"],"yoast_head":"\nThe Market in Pictures, July 14 - 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-pctures-july-7-2\/\" \/>\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, July 14 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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