{"id":236369,"date":"2024-06-28T13:10:46","date_gmt":"2024-06-28T17:10:46","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=236369"},"modified":"2024-06-28T16:16:53","modified_gmt":"2024-06-28T20:16:53","slug":"the-market-in-pictures-june-28","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-june-28\/","title":{"rendered":"The Market in Pictures, June 28"},"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

Brian:<\/strong> The story of US economic strength has been the growing wealth of the consumer<\/em><\/p>\n

 <\/p>\n

\"\"Source: Aptus via Federal Reserve Data as of March 2024<\/p>\n

 <\/p>\n

Dave:<\/strong> with liquid assets staying high for all but the lowest-income group<\/em><\/p>\n

 <\/p>\n

\"\"Source: Piper Sandler as of April 2024<\/p>\n

 <\/p>\n

Beckham:<\/strong> and debt service running at low levels<\/em><\/p>\n

 <\/p>\n

\"\"Data as of May 2024<\/p>\n

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

Dave:<\/strong> as most of the debt is tied to fixed (lower) interest rates<\/em><\/p>\n

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

\"\"<\/strong>Source: Strategas as of 06.21.2024<\/p>\n

 <\/p>\n

Brett:<\/strong> all of which has seemingly made this FOMC tightening cycle less effective than normal<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Data as of 06.26.2024<\/p>\n

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

Joseph:<\/strong> Adding to the Fed\u2019s resistance to cutting rates is the sharp rise in consumer beliefs on inflation, especially for lower-income groups<\/em><\/p>\n

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

\"\"<\/strong>Source: Apollo as of May 2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> and a tight labor market that doesn\u2019t seem to need stimulus<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Data as of June 2024<\/p>\n

 <\/p>\n

John Luke: <\/strong>with a\u00a0 credit market priced for low corporate defaults<\/em><\/p>\n

 <\/p>\n

\"\"Source: KKR<\/p>\n

 <\/p>\n

John Luke:<\/strong> Where potential trouble exists is in the US federal budget<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong><\/p>\n

 <\/p>\n

John Luke:<\/strong> where outlays are pulling higher, away from revenues<\/em><\/p>\n

 <\/p>\n

\"\"Source: WSJ as of 06.22.2024<\/p>\n

 <\/p>\n

John Luke:<\/strong> and interest expense now exceeds the amount spent on defense<\/em><\/p>\n

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

\"\"<\/strong>Data as of May 2024<\/p>\n

 <\/p>\n

Brian:<\/strong> The consistent deficits have seemingly contributed to an environment favoring stocks over bonds<\/em><\/p>\n

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

\"\"<\/strong>Source: Aptus via Bloomberg as of 05.31.2024<\/p>\n

 <\/p>\n

Brian:<\/strong> which has only accelerated the trend going back before the global financial crisis<\/em><\/p>\n

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

\"\"<\/strong>Source: Aptus via Bloomberg as of 05.31.2024<\/p>\n

 <\/p>\n

Arch:<\/strong> The environment of late has been towards divergent outcomes across stocks and sectors<\/em><\/p>\n

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

\"\"<\/p>\n

 <\/p>\n

Dave:<\/strong> but there\u2019s been enough strength across larger names to support a continuation of the S&P 500\u2019s advance<\/em><\/p>\n

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

\"\"Source: Strategas as of 06.25.2024<\/p>\n

 <\/p>\n

Joseph:<\/strong> However US consumers feel about the state of the economy, they sure are making plans to expand their travel<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 06.27.2024<\/p>\n

 <\/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

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-2406-25. <\/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: Brian: The story of US economic strength has been the growing wealth of the consumer   Source: Aptus via Federal Reserve Data as of March […]<\/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":[132,179,276,168,245],"class_list":["post-236369","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-earnings","tag-markets","tag-sp-500","tag-stocks","tag-valuations"],"yoast_head":"\nThe Market in Pictures, June 28 - 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-june-28\/\" \/>\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, June 28 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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