<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/DJIA-vs.-SPX-Bberg-05.15.jpg\")
Data as of 05.10.2024<\/p>\n
<\/p>\n
\u00a0<\/em><\/strong>Beckham:<\/strong> with some heavy contributions from a handful of notable names<\/em><\/p>\n <\/p>\n <\/p>\n Brett:<\/strong> and some notable arbitrary judgments by the DJIA committee <\/em><\/p>\n <\/p>\n <\/p>\n Brad: <\/strong>It was a strong quarter for earnings<\/em><\/p>\n <\/p>\n <\/p>\n Brian:<\/strong> with the first instance of rising estimates in the 1st<\/sup> month of a quarter since 2021<\/em><\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n Dave:<\/strong> and we\u2019ll need more of that to deliver the significant lift in earnings currently factored into consensus estimates<\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Joseph:<\/strong> Services have completely taken over from goods as the driver of inflation<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> and specifically, the \u201cSupercore\u201d measure remains higher than the Fed\u2019s comfort level<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> with the stickiest components well off of the highs but stabilizing at a \u201ctoo high\u201d level as well<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> Rate cut expectations have been pushed out all year, but finally relented a bit with some of the recent FOMC comments<\/em><\/p>\n <\/p>\n <\/p>\n Brian:<\/strong> with the initial 4-6 cuts now down to only a September rate cut factored in before the November 5 election<\/em><\/p>\n \u00a0<\/strong>\u00a0<\/strong><\/p>\n <\/p>\n JD:<\/strong> To this point, the move from the Fall 2022 lows has been a middle-of-the-road rally for the S&P 500<\/em><\/p>\n \u00a0<\/em>\u00a0<\/strong><\/p>\n <\/p>\n Dave:<\/strong> with small-cap stocks lagging significantly from the lows<\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Brad:<\/strong> creating one of the longer periods without highs for the widely-watched Russell 2000<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke:<\/strong> Pundits have thrown stagflation into the scenario discussion, but Fed Chair Powell said recently he doesn\u2019t see the \u201cstag\u201d or the \u201cflation\u201d and history shows it\u2019s pretty rare<\/em><\/p>\n <\/p>\n <\/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><\/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-2405-16. <\/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: DJIA hitting 40,000 will draw attention, but the dollar-weighting gives it some notable quirks relative to the S&P 500 Data as of 05.10.2024 […]<\/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":[612,132,57,83,179,306,473,98,168,605],"class_list":["post-236085","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-dow","tag-earnings","tag-fed","tag-inflation","tag-markets","tag-rate-cuts","tag-services","tag-small-cap","tag-stocks","tag-supercore"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Dow-Doubling-Bberg-05.15.jpg\")
Data as of 05.10.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/GE-and-XOM-Out-of-DJIA-Bberg-05.15.jpg\")
Data as of 05.10.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Earnings-Scorecard-Strategas-05.17-Brad-.png\")
<\/strong><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/EPS-Estimates-Rising-FactSet-05.10.png\")
<\/strong>Data as of 05.10.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Consensus-qtly-yy_Raymond-james-5.13.24.png\")
<\/strong>Source: Raymond James as of 05.10.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Services-Inflation-Bberg-05.15.jpg\")
<\/strong>Data as of 05.15.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Supercore-Hot-Bberg-05.15.jpg\")
<\/strong>Data as of 05.15.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Sticky-Inflation-Bberg-05.15.jpg\")
<\/strong>Data as of 05.10.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Pricing-in-Cuts-Bianco-05.15-JL.png\")
<\/strong>Data as of 05.15.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/FedWatch-CME-Group-05.16-.png\")
<\/strong>Source: CME as of 05.17.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Cyclical-Bull-@jurientimmer-05.12.jpeg\")
<\/strong>Data as of 05.12.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Small-Caps-Since-Bottom-Strategas-05.14-Dave.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Russell-Non-High-Strategas-05.14-Dave.png\")
Source: Strategas<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/No-Stagflation-BofA-05.10-JL-.jpg\")
Data as of April 2024<\/p>\nDisclosures<\/strong><\/h5>\n