{"id":235607,"date":"2024-02-23T14:01:36","date_gmt":"2024-02-23T19:01:36","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=235607"},"modified":"2024-02-23T16:44:39","modified_gmt":"2024-02-23T21:44:39","slug":"the-market-in-pictures-february-23","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-february-23\/","title":{"rendered":"The Market in Pictures, February 23"},"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> Rate expectations have changed dramatically in a few short weeks<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 02.23.2024<\/p>\n

 <\/p>\n

Brett:<\/strong> A pause in a Fed rate-hiking cycle has generally been good for stocks; the stats in this pause have been a bit underwhelming<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 02.16.2024<\/p>\n

 <\/p>\n

Joseph:<\/strong> Around half of the components in the inflation equation have settled in below the Fed\u2019s 2% target<\/em><\/p>\n

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

\"\"Source: Strategas as of 02.16.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> yet near-term inflation expectations as measured by 1-year breakeven rates (white line) are moving higher<\/em><\/p>\n

 <\/p>\n

\"\"Source: Aptus via Bloomberg as of 02.22.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> driven by the stickier components of inflation<\/em><\/p>\n

 <\/p>\n

\"\"Source: Barclays as of 02.13.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> as we see wage growth far in advance of prevailing interest rates<\/em><\/p>\n

 <\/p>\n

\"\"Source: Luke Groman as of 02.21.2024<\/p>\n

 <\/p>\n

Dave:<\/strong> Mag 7 earnings have been the main driver of growth for S&P 500 total earnings<\/em><\/p>\n

 <\/p>\n

\"\"Source: Raymond James as of 02.22.2024<\/p>\n

 <\/p>\n

Beckham:<\/strong> and with the average stock guiding towards lower earnings in the quarter ahead<\/em><\/p>\n

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

\"\"Source: FactSet as of 02.16.2024<\/p>\n

 <\/p>\n

Dave:<\/strong> is there really a path to the (much) higher S&P 500 earnings estimates for 2024?<\/em><\/p>\n

 <\/p>\n

\"\"Source: Raymond James as of 02.22.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> Credit spreads are as tight as they generally get<\/em><\/p>\n

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

\"\"Source: Barclays as of 02.16.2024<\/p>\n

 <\/p>\n

Beckham:<\/strong> as large corporations sit on mounds of cash<\/em><\/p>\n

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

\"\"Source: Bloomberg as of January 2024<\/p>\n

 <\/p>\n

Brad:<\/strong> and US government securities offer very little additional comfort given the growing level of debt<\/em><\/p>\n

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

\"\"Source: Strategas as of February 2024<\/p>\n

 <\/p>\n

Dave:<\/strong> Technology funds continue to grab assets at the expense of just about every other group<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 02.16.2024<\/p>\n

 <\/p>\n

Brian:<\/strong> as rising rates have seemingly disappeared as a threat to stocks in general<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 02.16.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> Bonds are again off to a historically poor start to the year<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 02.16.2024<\/p>\n

 <\/p>\n

Brad:<\/strong> reinforcing the feedback loop attracting assets to where they\u2019ve been treated better over the long term<\/em><\/p>\n

 <\/p>\n

\"\"Source: Money, Simplified as of January 2024<\/p>\n

 <\/p>\n

Brad:<\/strong> with more than half of each dollar now going into passive equity funds<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of February 2024<\/p>\n

 <\/p>\n

Dave:<\/strong> Wild to see, but the Japanese stock market has finally eclipsed its bubbly highs of 1989<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 02.22.2024<\/p>\n

 <\/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

\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-2402-17.<\/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:   John Luke: Rate expectations have changed dramatically in a few short weeks   Data as of 02.23.2024   Brett: A pause in a Fed […]<\/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":[84,590,376,57,83,560,179,316,276,168,377],"class_list":["post-235607","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-bonds","tag-corporations","tag-debt","tag-fed","tag-inflation","tag-magnificent-7","tag-markets","tag-rates","tag-sp-500","tag-stocks","tag-tech"],"yoast_head":"\nThe Market in Pictures, February 23 - 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-february-23\/\" \/>\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, February 23 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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