{"id":234455,"date":"2023-09-08T11:37:54","date_gmt":"2023-09-08T15:37:54","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=234455"},"modified":"2023-09-08T14:30:07","modified_gmt":"2023-09-08T18:30:07","slug":"the-market-in-pictures-september-8","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-september-8\/","title":{"rendered":"The Market in Pictures, September 8"},"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> NVDA is the current battleground stock, but remember when there were 100s of absurdly-priced \u201cgrowth\u201d stocks?<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 09.04.2023<\/p>\n

 <\/p>\n

Beckham:<\/strong> and another way to view the craziness of 2021 is through the comparison of IPO activity<\/em><\/p>\n

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

\"\"Source: Goldman Sachs as of August 2023<\/p>\n

 <\/p>\n

Dave:<\/strong> The big anomaly this year has been growth stocks outperforming in the face of higher real yields<\/em><\/p>\n

 <\/p>\n

\"\"Source: Bernstein as of 09.05.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> which has manifested itself in a tiny group of growth stocks contributing nearly the entire YTD return<\/em><\/p>\n

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

\"\"Source: Strategas as of 09.04.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> and significant dispersion vs. bank stocks<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

Source: Strategas as of 09.07.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> ironically, this intra-market split has been mostly a US story<\/em><\/p>\n

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

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

 <\/p>\n

John Luke:<\/strong> Headline inflation has come down but the underlying drivers remain well above the Fed\u2019s 2% target<\/p>\n

 <\/p>\n

\"\"Data as of 09.01.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> and most of the inputs seem to have troughed, with the potential to rise together<\/em><\/p>\n

 <\/p>\n

\"\"Source: Alhambra Investments as of 09.04.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> leading to a re-acceleration of headline inflation numbers<\/em><\/p>\n

 <\/p>\n

\"\"Source: Cleveland Fed as of 09.05.2023<\/p>\n

 <\/p>\n

Beckham:<\/strong> The appetite for homebuying is running awfully low<\/em><\/p>\n

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

\"\"Source: Morgan Stanley as of 09.06.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> but home prices are sitting close to highs<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 09.03.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> as the all-important supply side remains very tight since few want to give up their mortgages<\/em><\/p>\n

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

\"\"Data as of 09.03.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> Despite the continued rate hikes, market conditions under the surface have actually become a bit easier<\/em><\/p>\n

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

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

 <\/p>\n

John Luke:<\/strong> which has probably contributed to the surprising lack of volatility in stocks<\/em><\/p>\n

 <\/p>\n

\"\"Source: Goldman Sachs as of 09.01.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> but often stability breeds instability and the range of outcomes from here is pretty wide<\/em><\/p>\n

 <\/p>\n

\"\"Source: Sevens Report as of 09.07.2023<\/p>\n

 <\/p>\n

Joseph:<\/strong> Stock-bond correlation is dynamic not static, could be a new regime underway<\/em><\/p>\n

 <\/p>\n

\"\"Source: Bianco as of 09.01.2023<\/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><\/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-2309-10.<\/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: NVDA is the current battleground stock, but remember when there were 100s of absurdly-priced \u201cgrowth\u201d stocks?   Source: Strategas as of 09.04.2023 […]<\/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":[84,185,83,199,87,168,178],"class_list":["post-234455","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-bonds","tag-housing","tag-inflation","tag-mortgage-rates","tag-rate-hikes","tag-stocks","tag-yields"],"yoast_head":"\nThe Market in Pictures, September 8 - 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-september-8\/\" \/>\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, September 8 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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