{"id":234158,"date":"2023-07-21T11:39:44","date_gmt":"2023-07-21T15:39:44","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=234158"},"modified":"2023-07-21T11:40:04","modified_gmt":"2023-07-21T15:40:04","slug":"the-market-in-pictures-july-21","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-21\/","title":{"rendered":"The Market in Pictures, July 21"},"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

Beckham:<\/strong> The YTD rally in the S&P 500 has all been due to P\/E multiples rising<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.16.2023<\/p>\n

 <\/p>\n

JD:<\/strong> but that hasn\u2019t stopped Wall Street strategists from lifting targets as price runs away from them<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.20.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> though it\u2019s taking some time for investors to look away from parking in cash<\/em><\/p>\n

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

\"\"Data as of 07.14.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> Soft landing remains the expectation among global fund managers<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.17.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> with Goldman more optimistic than consensus and again lowering their odds of a recession<\/em><\/p>\n

 <\/p>\n

\"\"Source: Goldman Sachs as of 07.14.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> as some indicators firm up but others firmly pointed at a sharper slowdown<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.18.2023<\/p>\n

 <\/p>\n

Joseph:<\/strong> Housing a topic of much discussion but prices generally stabilizing after some weakness<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.16.2023<\/p>\n

 <\/p>\n

Beckham:<\/strong> as hopeful buyers wait for owners to give up their cheap mortgages<\/em><\/p>\n

 <\/p>\n

\"\"Data as of June 2023<\/p>\n

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

Brad:<\/strong> but long-term, just like commercial real estate it\u2019s probably all about desirability of location<\/em><\/p>\n

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

\"\"<\/p>\n

 <\/p>\n

John Luke:<\/strong> A fall from above 9% to near 3% in US CPI would rank among the largest drops in modern history<\/em><\/p>\n

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

\"\"Source: BofA as of 07.17.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> as nearly all components of the inflation measures have fallen<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.17.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> but a structural shortage of workers will likely present a challenge to reaching the Fed\u2019s stated 2% target for inflation<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.14.2023<\/p>\n

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

\u00a0<\/em><\/strong>Beckham:<\/strong> Big swings in rates have led to big swings in net income for S&P companies, historically<\/em><\/p>\n

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

\"\"Data as of 07.17.2023<\/p>\n

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

\u00a0<\/em><\/strong>Brad:<\/strong> and right now, forecasts for energy and materials companies seem to be expecting the worst of it<\/em><\/p>\n

 <\/p>\n

\"\"Source: Raymond James as of 07.14.2023<\/p>\n

 <\/p>\n

Derek:<\/strong> though maybe that can set a tone for positive earnings surprises, a key factor in recent market recoveries<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.14.2023<\/p>\n

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

Dave:<\/strong> I think we can all agree a continuation of this trend would be in our best interest<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.17.2023<\/p>\n

 <\/p>\n

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

\u00a0<\/strong><\/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-2307-26.<\/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:   Beckham: The YTD rally in the S&P 500 has all been due to P\/E multiples rising   Source: Strategas as of 07.16.2023   JD: […]<\/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":[53,132,441,293,185,83,179,145,405],"class_list":["post-234158","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-cpi","tag-earnings","tag-employment","tag-eps","tag-housing","tag-inflation","tag-markets","tag-recession","tag-sandp500"],"yoast_head":"\nThe Market in Pictures, July 21 - 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-july-21\/\" \/>\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 21 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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