{"id":236561,"date":"2024-07-26T13:44:11","date_gmt":"2024-07-26T17:44:11","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=236561"},"modified":"2024-07-26T15:50:01","modified_gmt":"2024-07-26T19:50:01","slug":"the-market-in-pictures-july-26","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-july-26\/","title":{"rendered":"The Market in Pictures, July 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

Brad:<\/strong> Smaller stocks are still lagging their historical recovery pace<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Dave:<\/strong> but they sure as heck made up some ground on large caps in the past two weeks!<\/em><\/p>\n

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

\"\"Data as of 07.25.2024<\/p>\n

 <\/p>\n

Beckham:<\/strong> Those small caps do have the advantage of much lower valuations than the popular megacap tech stocks<\/em><\/p>\n

 <\/p>\n

\"\"Source: Raymond James as of 07.26.2024<\/p>\n

 <\/p>\n

Brian:<\/strong> with rising valuations driving much of the difference in small vs. large performance in recent years<\/em><\/p>\n

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

\"\"<\/strong>Source: Aptus via Morningstar<\/p>\n

 <\/p>\n

John Luke:<\/strong> and leaving large caps in a very expensive state compared to their historical valuations<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Data as of 07.19.2024<\/p>\n

 <\/p>\n

Arch:<\/strong> The cap-weighted and equal-weighted versions of the S&P 500 (same stocks!) have completely split apart in recent months<\/em><\/p>\n

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

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

 <\/p>\n

Brett:<\/strong> leaving S&P 500 stocks even less correlated to each other than they\u2019ve been to bonds<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Data as of 07.24.2024<\/p>\n

 <\/p>\n

Joseph:<\/strong> We finally saw the 2% one-day drop that had eluded the S&P 500 for 16 months<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 07.25.2024<\/p>\n

 <\/p>\n

Brett:<\/strong> maybe triggered by the lack of sales growth behind some key earnings reports <\/em><\/p>\n

 <\/p>\n

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

 <\/p>\n

JD:<\/strong> There are some components of inflation measures that just aren\u2019t able to be tackled by Fed policy<\/em><\/p>\n

 <\/p>\n

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

 <\/p>\n

John Luke:<\/strong> and markets are again getting more aggressive in pricing in 2024 FOMC rate cuts<\/em><\/p>\n

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

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

 <\/p>\n

Arch:<\/strong> as it has in the past, how stocks respond to cuts will likely be driven by the overall growth of the economy<\/em><\/p>\n

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

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

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

Joseph:<\/strong> While not very attractive due to compressed yields, the credit status of high-yield bonds has improved slightly in recent years<\/em><\/p>\n

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

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

 <\/p>\n

Joseph:<\/strong> though more issuers may face refinancing challenges as maturities have shortened<\/em><\/p>\n

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

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

 <\/p>\n

Brian:<\/strong> Investors have fallen in love with T-bills and even Notes, but still have little interest in locking in yields beyond that<\/em><\/p>\n

 <\/p>\n

\"\"Data as of June 2024\u00a0<\/strong><\/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

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-2407-33. <\/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:   Brad: Smaller stocks are still lagging their historical recovery pace     Dave: but they sure as heck made up some ground on large […]<\/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":[132,343,179,316,276,595,168,245],"class_list":["post-236561","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-earnings","tag-large-caps","tag-markets","tag-rates","tag-sp-500","tag-small-caps","tag-stocks","tag-valuations"],"yoast_head":"\nThe Market in Pictures, July 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-july-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, July 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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