{"id":235444,"date":"2024-01-26T13:44:08","date_gmt":"2024-01-26T18:44:08","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=235444"},"modified":"2024-01-26T20:36:05","modified_gmt":"2024-01-27T01:36:05","slug":"the-market-in-pictures-january-26","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-january-26\/","title":{"rendered":"The Market in Pictures, January 26"},"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

Brett:<\/strong> Core Personal Consumption Expenditures (PCE) is said to be the Fed\u2019s favorite indicator, and it\u2019s getting into their target range<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 01.25.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> that said, markets are actually expecting one fewer rate cut than they were two weeks ago<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 01.22.2024<\/p>\n

 <\/p>\n

John Luke<\/strong>: and Fed speakers seem reluctant to embrace market expectations of significant rate cuts<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 01.19.2024<\/p>\n

 <\/p>\n

Dave:<\/strong> It\u2019s generally accepted that the FOMC prefers to avoid being seen as political, but election years haven\u2019t impacted their activity in the past<\/em><\/p>\n

 <\/p>\n

\"\"Source: Morgan Stanley as of 01.24.2024<\/p>\n

 <\/p>\n

Brian:<\/strong> That said, no matter what they do there will be plenty of people accusing them of taking sides<\/em><\/p>\n

 <\/p>\n

\"\"Source: Aptus as of 01.22.2024<\/p>\n

 <\/p>\n

Beckham:<\/strong> Making the Fed\u2019s job trickier is the evidence that maybe the slowest economic conditions have already occurred<\/em><\/p>\n

 <\/p>\n

\"\"Source: @LizAnnSonders as of 01.22.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> as US consumers in general are sitting with very strong balance sheets<\/em><\/p>\n

 <\/p>\n

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

 <\/p>\n

Brian:<\/strong> While the cost of mortgages relative to actual mortgage-backed bonds remains well above historic norms<\/em><\/p>\n

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

\"\"Source: Aptus as of 01.24.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> corporate credit spreads are as low as they\u2019ve been in years<\/em><\/p>\n

 <\/p>\n

\"\"Source: State Street as of 12.31.2023<\/p>\n

 <\/p>\n

Joseph:<\/strong> leading corporations to issue debt at favorable levels<\/em><\/p>\n

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

\"\"Source: Financial Times as of 01.18.2024<\/p>\n

 <\/p>\n

Dave:<\/strong> While the semiconductor industry has been eating its way into larger space in the S&P 500<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 01.22.2024<\/p>\n

 <\/p>\n

Brad:<\/strong> the broader universe of stocks has had underwhelming performance since the peak in late 2021<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 01.23.2024<\/p>\n

 <\/p>\n

Brad:<\/strong> and value stocks also coming out of a year of extreme underperformance<\/em><\/p>\n

 <\/p>\n

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

 <\/p>\n

John Luke:<\/strong> US dominance over foreign markets has been quite dramatic in recent years<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Brett:<\/strong> but these performance cycles have often been long in nature<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

Source: Bank of America<\/p>\n

 <\/p>\n

Brad:<\/strong> As tired as we all are of talking about the Mag 7, it\u2019s important to recognize that markets aren\u2019t crazy; their businesses are performing better than most<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Brian:<\/strong> and if you\u2019re really worried about their impact, it\u2019s as cheap as it\u2019s ever been to buy hedges on the S&P 500<\/em><\/p>\n

 <\/p>\n

\"\"Source: Aptus as of 01.24.2024<\/p>\n

 <\/p>\n

 <\/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

\u00a0<\/em>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

\u00a0<\/em>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

\u00a0<\/em>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-2401-35.<\/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:   Brett: Core Personal Consumption Expenditures (PCE) is said to be the Fed\u2019s favorite indicator, and it\u2019s getting into their target range   Data as […]<\/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":[221,57,560,179,330,306,582],"class_list":["post-235444","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-credit-spreads","tag-fed","tag-magnificent-7","tag-markets","tag-mortgage","tag-rate-cuts","tag-russell-2000"],"yoast_head":"\nThe Market in Pictures, January 26 - 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-january-26\/\" \/>\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, January 26 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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