<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Few-Stocks-Outperforming-Jefferies-11.19-Dave.png\")
Data as of 11.18.2023<\/p>\n
<\/p>\n
John Luke:<\/em><\/strong> but history shows the equal-weighted S&P has performed just fine head-to-head<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n Beckham:<\/em><\/strong> and historically these larger divergences have been reversed in future years<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/em><\/strong> As they usually do, earnings managed to beat expectations, with a whole lot of variance by sector<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/em><\/strong> and speaking of sectors, managements in this year\u2019s laggards have been the most aggressive in announcing stock buybacks, led by materials<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/em><\/strong> Surveys show inflation expectations rising despite the sharp reduction in government inflation figures<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/em><\/strong> as the cumulative reality of recent inflation sets in<\/em><\/p>\n <\/p>\n <\/p>\n Brett:<\/em><\/strong> and investors flocking into money markets again put themselves at the risk of losing purchasing power<\/em><\/p>\n <\/p>\n <\/p>\n Beckham:<\/em><\/strong> No way around it, the U.S. consumer is in a pretty healthy state especially at the high end<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> which, combined with the recent equity bounce is offsetting much of the Fed\u2019s rate hikes and quantitative tightening<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/em><\/strong> While central banks across the world have generally ended their rate hikes<\/em><\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n John Luke:<\/em><\/strong> and US investors are seemingly locked in on the always-elusive \u201csoft landing\u201d<\/em><\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n Brett: <\/em><\/strong>investors in this rate cycle have generally looked out at least two quarters before anticipating actual rate cuts<\/em><\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n Dave:<\/em><\/strong> Even at that, stock market performance from the last hike to the first cut has historically been driven by the prevailing inflation regime<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/em><\/strong> with even the first rate cut showing itself to be no easy path to market gains<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/em><\/strong> so in the end, history says we\u2019re better off with more \u201cholding\u201d than we are with cutting<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n Disclosures<\/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>\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>\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>\u00a0<\/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-2311-17.<\/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: Dave: Advisors know this has been a challenging year for the typical stock relative to the S&P 500 Data as of 11.18.2023 […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","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":[522,132,275,57,83],"class_list":["post-234875","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-charts","tag-earnings","tag-equities","tag-fed","tag-inflation"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Equal-Weight-Has-Been-Good-SP-11.22-JL.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Top-50-vs.-SP-SP-Indexology-11.21.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Q3-Earnings-Scorecard-Strategas-11.21-Brad.png\")
Source: Strategas as of 11.21.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Announced-Buybacks-Deutsche-Bank-11.21.png\")
Source: Bloomberg Finance LP, Data as of November 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Inflation-Expectations-Daily-Chartbook-11.22.png\")
Source: University of Michigan as of 11.21.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Cumulative-Inflation-Increase-Bianco-11.20-JL.png\")
Source: The Bureau of Labor Statistics, data as of October 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Reactions-to-Inflation-1979-Hartford-Funds-Feb-2023.png\")
Source: Hartford Funds as of March 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Healthy-Consumer-Goldman-11.22.jpg\")
Source: Goldman Sachs as of November 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Conditions-Easier-Bianco-11.20-JL.png\")
Data as of 11.17.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Global-Hikes-Almost-Gone-Daily-Chartbook.jpg\")
<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Soft-Landing-is-Always-the-Hope-11.20-JL.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Lag-to-Cut-Deutsche-Bank-via-Daily-Shot-11.21.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Fed-Hike-to-Cut-Strategas-11.20-Dave.png\")
Source: Strategas as of 11.20.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/First-Cut-to-Market-Low-Strategas-11.20-Dave.png\")
Source: Strategas as of 11.20.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/11\/Fed-Hold-vs.-Cut-11.20-Strategas-Dave.png\")
\u00a0<\/em>Source: Strategas as of 11.20.2023<\/p>\n