{"id":236506,"date":"2024-07-19T12:00:45","date_gmt":"2024-07-19T16:00:45","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=236506"},"modified":"2024-07-19T15:43:56","modified_gmt":"2024-07-19T19:43:56","slug":"the-market-in-pictures-july-19","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/","title":{"rendered":"The Market in Pictures, July 19"},"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:<\/em><\/strong> We\u2019re seeing a bump in market volatility but still a very tame year, with no 2% drops since Feb 2023<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.17.2024<\/p>\n

 <\/p>\n

Brad:<\/strong> though the indexes are being cushioned by some serious flip-flopping under the surface headline numbers<\/em><\/p>\n

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

\"\"Source: Bespoke as of 07.17.2024<\/p>\n

 <\/p>\n

Brett:<\/strong> Of late, small-caps are providing support aginst the abrupt large-cap selling, perhaps on hopes the earnings turn is finally approaching<\/em><\/p>\n

 <\/p>\n

\"\"Source: SoFi as of 07.18.2024<\/em><\/p>\n

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

Dave:<\/strong> reversing the trend towards large caps in recent years. Which was a reversal from the preceding two decades <\/em><\/p>\n

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

\"\"<\/strong>Source: Raymond James as of 07.18.2024<\/p>\n

 <\/p>\n

Beckham:<\/strong> Markets seem to be settling on the idea of a full 1% of cuts by March 2025<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Source: CME Fedwatch Tool as of 07.17.2024<\/p>\n

 <\/p>\n

Arch:<\/strong> which historically has done more for valuations than for near-term earnings prospects<\/em><\/p>\n

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

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

 <\/p>\n

John Luke:<\/strong> While theory says rate cuts should stimulate economic activity, one area that has run counter to the Fed\u2019s goals has been the high cash accruing through Treasury investments<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Data as of 07.15.2024<\/p>\n

 <\/p>\n

Joseph:<\/strong> Higher coupons means some bonds can now offer better reward : risk than when rates were lower<\/em><\/p>\n

 <\/p>\n

\"\"Source: JP Morgan as of 06.30.2024<\/p>\n

 <\/p>\n

Brian:<\/strong> but once you factor in taxes and inflation, the reward is much less compelling <\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Source: Aptus via FRED as of 07.15.2024<\/p>\n

 <\/p>\n

Brett:<\/strong> and once inflation creeps into the system, purchasing power never reverts back <\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Dave:<\/strong> Q2 earnings are expected to move back into growth mode after two full years of flattish overall results<\/em><\/p>\n

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

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

 <\/p>\n

Beckham:<\/strong> and updated estimates are moving in a generally positive direction <\/em><\/p>\n

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

\"\"<\/strong>Data as of 07.05.2024<\/p>\n

 <\/p>\n

Brad:<\/strong> that said, headline results generally tell investors the story they want to hear as 3 out of 4 typically \u201cbeat\u201d the estimate<\/em><\/p>\n

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

\"\"<\/strong>Data as of 07.08.2024<\/p>\n

 <\/p>\n

Brad:<\/strong> Another key consideration for aggregated earnings comparisons is that the underlying mix has changed quite a bit over time<\/em><\/p>\n

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

\"\"<\/p>\n

 <\/p>\n

Dave:<\/strong> with a general trend towards higher profit margins but some sectors improving more than others<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 07.17.2024<\/p>\n

 <\/p>\n

JD:<\/strong> It used to be helpful to own international stocks for diversification, but that value has shrunk in recent years<\/em><\/p>\n

 <\/p>\n

\"\"Source: WSJ as of 07.17.2024<\/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

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-2407-27. <\/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: We\u2019re seeing a bump in market volatility but still a very tame year, with no 2% drops since Feb 2023   Data […]<\/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":[132,179,316,595,168,63],"class_list":["post-236506","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-earnings","tag-markets","tag-rates","tag-small-caps","tag-stocks","tag-volatility"],"yoast_head":"\nThe Market in Pictures, July 19 - 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-july-19\/\" \/>\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, July 19 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"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: We\u2019re seeing a bump in market volatility but still a very tame year, with no 2% drops since Feb 2023   Data […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/\" \/>\n<meta property=\"og:site_name\" content=\"Aptus Capital Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-19T16:00:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-19T19:43:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/07\/Daily-SPX-Returns-Chartr-07.17-JL.jpg\" \/>\n<meta name=\"author\" content=\"Aptus PM Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aptus PM Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/\"},\"author\":{\"name\":\"Aptus PM Team\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/ad43972730756fb6d6e01e61090f21c2\"},\"headline\":\"The Market in Pictures, July 19\",\"datePublished\":\"2024-07-19T16:00:45+00:00\",\"dateModified\":\"2024-07-19T19:43:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/\"},\"wordCount\":624,\"publisher\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#organization\"},\"keywords\":[\"earnings\",\"markets\",\"rates\",\"small caps\",\"stocks\",\"volatility\"],\"articleSection\":[\"Blog\",\"Charts\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/\",\"url\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/\",\"name\":\"The Market in Pictures, July 19 - Aptus Capital Advisors\",\"isPartOf\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#website\"},\"datePublished\":\"2024-07-19T16:00:45+00:00\",\"dateModified\":\"2024-07-19T19:43:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/aptuscapitaladvisors.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Market in Pictures, July 19\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#website\",\"url\":\"https:\/\/aptuscapitaladvisors.com\/\",\"name\":\"Aptus Capital Advisors\",\"description\":\"Portfolio Management for Wealth Managers\",\"publisher\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/aptuscapitaladvisors.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#organization\",\"name\":\"Aptus Capital Advisors\",\"url\":\"https:\/\/aptuscapitaladvisors.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2019\/12\/logo@2x-1.png\",\"contentUrl\":\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2019\/12\/logo@2x-1.png\",\"width\":674,\"height\":200,\"caption\":\"Aptus Capital Advisors\"},\"image\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/ad43972730756fb6d6e01e61090f21c2\",\"name\":\"Aptus PM Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/20ec7920e91ee6bd3bb62c5be1a1313b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/20ec7920e91ee6bd3bb62c5be1a1313b?s=96&d=mm&r=g\",\"caption\":\"Aptus PM Team\"},\"url\":\"https:\/\/aptuscapitaladvisors.com\/author\/aptus-pm-team\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Market in Pictures, July 19 - Aptus Capital Advisors","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/","og_locale":"en_US","og_type":"article","og_title":"The Market in Pictures, July 19 - Aptus Capital Advisors","og_description":"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: We\u2019re seeing a bump in market volatility but still a very tame year, with no 2% drops since Feb 2023   Data […]","og_url":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/","og_site_name":"Aptus Capital Advisors","article_published_time":"2024-07-19T16:00:45+00:00","article_modified_time":"2024-07-19T19:43:56+00:00","og_image":[{"url":"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/07\/Daily-SPX-Returns-Chartr-07.17-JL.jpg"}],"author":"Aptus PM Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Aptus PM Team","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/#article","isPartOf":{"@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/"},"author":{"name":"Aptus PM Team","@id":"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/ad43972730756fb6d6e01e61090f21c2"},"headline":"The Market in Pictures, July 19","datePublished":"2024-07-19T16:00:45+00:00","dateModified":"2024-07-19T19:43:56+00:00","mainEntityOfPage":{"@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/"},"wordCount":624,"publisher":{"@id":"https:\/\/aptuscapitaladvisors.com\/#organization"},"keywords":["earnings","markets","rates","small caps","stocks","volatility"],"articleSection":["Blog","Charts"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/","url":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/","name":"The Market in Pictures, July 19 - Aptus Capital Advisors","isPartOf":{"@id":"https:\/\/aptuscapitaladvisors.com\/#website"},"datePublished":"2024-07-19T16:00:45+00:00","dateModified":"2024-07-19T19:43:56+00:00","breadcrumb":{"@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-19\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/aptuscapitaladvisors.com\/"},{"@type":"ListItem","position":2,"name":"The Market in Pictures, July 19"}]},{"@type":"WebSite","@id":"https:\/\/aptuscapitaladvisors.com\/#website","url":"https:\/\/aptuscapitaladvisors.com\/","name":"Aptus Capital Advisors","description":"Portfolio Management for Wealth Managers","publisher":{"@id":"https:\/\/aptuscapitaladvisors.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aptuscapitaladvisors.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/aptuscapitaladvisors.com\/#organization","name":"Aptus Capital Advisors","url":"https:\/\/aptuscapitaladvisors.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/aptuscapitaladvisors.com\/#\/schema\/logo\/image\/","url":"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2019\/12\/logo@2x-1.png","contentUrl":"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2019\/12\/logo@2x-1.png","width":674,"height":200,"caption":"Aptus Capital Advisors"},"image":{"@id":"https:\/\/aptuscapitaladvisors.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/ad43972730756fb6d6e01e61090f21c2","name":"Aptus PM Team","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/20ec7920e91ee6bd3bb62c5be1a1313b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/20ec7920e91ee6bd3bb62c5be1a1313b?s=96&d=mm&r=g","caption":"Aptus PM Team"},"url":"https:\/\/aptuscapitaladvisors.com\/author\/aptus-pm-team\/"}]}},"_links":{"self":[{"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/posts\/236506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/comments?post=236506"}],"version-history":[{"count":0,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/posts\/236506\/revisions"}],"wp:attachment":[{"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/media?parent=236506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/categories?post=236506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/tags?post=236506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}