{"id":237374,"date":"2024-12-13T13:14:06","date_gmt":"2024-12-13T18:14:06","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=237374"},"modified":"2024-12-13T16:54:09","modified_gmt":"2024-12-13T21:54:09","slug":"the-market-in-pictures-december-13","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/","title":{"rendered":"The Market in Pictures, December 13"},"content":{"rendered":"<p>[et_pb_section admin_label=&#8221;section&#8221;]<br \/>\n\t\t\t[et_pb_row admin_label=&#8221;row&#8221;]<br \/>\n\t\t\t\t[et_pb_column type=&#8221;4_4&#8243;][et_pb_text admin_label=&#8221;Text&#8221;]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><strong>\u00a0<\/strong><\/p>\n<p><em><strong>Dave:<\/strong> Government inflation measures are trying to settle into the 2-3% range<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237375 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave.png\" alt=\"\" width=\"1147\" height=\"765\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave.png 1147w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave-980x654.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave-480x320.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1147px, 100vw\" \/>Source: Raymond James as of 12.11.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Brian:<\/strong> with services the entire source of inflation now that the price of goods has gone flat year-over-year<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237376 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Services-Inflation-vs.-Goods-FRED-12.11-Brian.jpg\" alt=\"\" width=\"1126\" height=\"443\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Services-Inflation-vs.-Goods-FRED-12.11-Brian.jpg 1126w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Services-Inflation-vs.-Goods-FRED-12.11-Brian-980x386.jpg 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Services-Inflation-vs.-Goods-FRED-12.11-Brian-480x189.jpg 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1126px, 100vw\" \/>Data as of 12.11.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>John Luke:<\/strong> that said, the % of inputs undergoing disinflation is no longer expanding<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237377 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Breadth-of-Inflation-Vanda-Research-12.11.jpg\" alt=\"\" width=\"1114\" height=\"669\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Breadth-of-Inflation-Vanda-Research-12.11-980x589.jpg 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Breadth-of-Inflation-Vanda-Research-12.11-480x288.jpg 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1114px, 100vw\" \/>Source: Vanda Research as of 12.11.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>John Luke:<\/strong> The US economy is still feeling the impact of COVID-era fiscal stimulus\u00a0<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237378 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Nominal-GDP-Trend-Goldman-12.06-JL.png\" alt=\"\" width=\"1124\" height=\"644\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Nominal-GDP-Trend-Goldman-12.06-JL.png 1124w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Nominal-GDP-Trend-Goldman-12.06-JL-980x561.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Nominal-GDP-Trend-Goldman-12.06-JL-480x275.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1124px, 100vw\" \/>Source: Goldman Sachs as of November 2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Brett:<\/strong> part of the reason there are no developed economies expecting a recession in 2025<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237379 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/No-Recessions-Schwab-12.10.png\" alt=\"\" width=\"895\" height=\"486\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/No-Recessions-Schwab-12.10.png 895w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/No-Recessions-Schwab-12.10-480x261.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 895px, 100vw\" \/>Source: Schwab as of 12.10.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Beckham:<\/strong> We all know tech has been a great performer, but all sectors have had some degree of upside in 2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237380 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Performance-Macrobond-12.13.png\" alt=\"\" width=\"1450\" height=\"492\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Performance-Macrobond-12.13.png 1450w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Performance-Macrobond-12.13-1280x434.png 1280w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Performance-Macrobond-12.13-980x333.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Performance-Macrobond-12.13-480x163.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) and (max-width: 1280px) 1280px, (min-width: 1281px) 1450px, 100vw\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Joseph:<\/strong> partly due to the expectation that profit margins will continue to rise<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237381 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Margins-Rising-12.12-Tker.png\" alt=\"\" width=\"1069\" height=\"996\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Margins-Rising-12.12-Tker-980x913.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Margins-Rising-12.12-Tker-480x447.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1069px, 100vw\" \/>Data as of 12.09.2024 via Tker<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Brad:<\/strong> Good reference for comparing this move to past moves from bear market lows<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237382 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/SP-from-Lows-Piper-Sandler-12.09.png\" alt=\"\" width=\"1255\" height=\"553\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/SP-from-Lows-Piper-Sandler-12.09.png 1255w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/SP-from-Lows-Piper-Sandler-12.09-980x432.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/SP-from-Lows-Piper-Sandler-12.09-480x212.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1255px, 100vw\" \/>Data as of 12.09.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Arch:<\/strong> and regardless of the future path, comparisons to the 2000 top look downright silly<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237383 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/2024-vs.-2000-@SethCL-12.12.jpg\" alt=\"\" width=\"938\" height=\"1078\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/2024-vs.-2000-@SethCL-12.12.jpg 938w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/2024-vs.-2000-@SethCL-12.12-480x552.jpg 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 938px, 100vw\" \/>Source: @SethCL as of 12.06.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>JD:<\/strong> It\u2019s been another tough year for European stocks, one of the worst relative to the US<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237384 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Tough-Year-for-Europe-BofA-12.06.jpg\" alt=\"\" width=\"774\" height=\"604\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Tough-Year-for-Europe-BofA-12.06.jpg 774w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Tough-Year-for-Europe-BofA-12.06-480x375.jpg 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 774px, 100vw\" \/>Data as of 12.06.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Beckham:<\/strong> and while the valuation discount has been a reason some have bought international stocks, once you adjust for sector composition the discount hasn\u2019t yet been enough to stem the tide<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237385 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Europe-vs.-US-with-Sectors-Adjusted-Macrobond-12.13.png\" alt=\"\" width=\"1117\" height=\"588\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Europe-vs.-US-with-Sectors-Adjusted-Macrobond-12.13-980x516.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Europe-vs.-US-with-Sectors-Adjusted-Macrobond-12.13-480x253.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1117px, 100vw\" \/>Data as of 12.12.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>John Luke:<\/strong> It\u2019s the money going out that\u2019s expanding the government deficits, not the money coming in<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237386 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Taxes-and-Spending-Goldman-12.06-JL.png\" alt=\"\" width=\"1143\" height=\"535\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Taxes-and-Spending-Goldman-12.06-JL-980x459.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Taxes-and-Spending-Goldman-12.06-JL-480x225.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1143px, 100vw\" \/>Source: Goldman Sachs as of 12.06.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>John Luke:<\/strong> and the expanding debt burden is increasingly falling on domestic holders<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237387 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/US-Debtholders-Visual-Capitalist-January-2024.png\" alt=\"\" width=\"644\" height=\"816\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/US-Debtholders-Visual-Capitalist-January-2024.png 644w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/US-Debtholders-Visual-Capitalist-January-2024-480x608.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 644px, 100vw\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Dave:<\/strong> Meanwhile, US consumers as a whole are thriving and reducing debt burdens<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-237390 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Household-Debt-Plunge-Goldman-November-2024-1024x556.png\" alt=\"\" width=\"1024\" height=\"556\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Household-Debt-Plunge-Goldman-November-2024-1024x556.png 1024w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Household-Debt-Plunge-Goldman-November-2024-980x532.png 980w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Household-Debt-Plunge-Goldman-November-2024-480x261.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/p>\n<p style=\"text-align: center;\">Source: Goldman Sachs as of November 2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Joseph:<\/strong> After being caught flat-footed into the 2023 and 2024 equity rallies, strategists are getting more aggressive with 2025 price targets<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-237388 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Strategist-Targets-TS-Lombard-12.12-Joseph.png\" alt=\"\" width=\"778\" height=\"715\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Strategist-Targets-TS-Lombard-12.12-Joseph.png 778w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Strategist-Targets-TS-Lombard-12.12-Joseph-480x441.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 778px, 100vw\" \/>Data as of 12.12.2024<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Disclosures<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p><em>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<p><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<p><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 &amp; tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/em><\/p>\n<p><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-2412-11.<\/em>[\/et_pb_text][\/et_pb_column]<br \/>\n\t\t\t[\/et_pb_row]<br \/>\n\t\t[\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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: \u00a0 Dave: Government inflation measures are trying to settle into the 2-3% range &nbsp; Source: Raymond James as of 12.11.2024 &nbsp; &nbsp; Brian: with services [&hellip;]<\/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":"on","_et_pb_old_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:\r\n\r\n<strong>\u00a0<\/strong>\r\n\r\n<em><strong>Dave:<\/strong> Government inflation measures are trying to settle into the 2-3% range<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237375 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave.png\" alt=\"\" width=\"1147\" height=\"765\" \/>Source: Raymond James as of 12.11.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Brian:<\/strong> with services the entire source of inflation now that the price of goods has gone flat year-over-year<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237376 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Services-Inflation-vs.-Goods-FRED-12.11-Brian.jpg\" alt=\"\" width=\"1126\" height=\"443\" \/>Data as of 12.11.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>John Luke:<\/strong> that said, the % of inputs undergoing disinflation is no longer expanding<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237377 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Breadth-of-Inflation-Vanda-Research-12.11.jpg\" alt=\"\" width=\"1114\" height=\"669\" \/>Source: Vanda Research as of 12.11.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>John Luke:<\/strong> The US economy is still feeling the impact of COVID-era fiscal stimulus\u00a0<\/em>\r\n\r\n<em>\u00a0<\/em>\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237378 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Nominal-GDP-Trend-Goldman-12.06-JL.png\" alt=\"\" width=\"1124\" height=\"644\" \/>Source: Goldman Sachs as of November 2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Brett:<\/strong> part of the reason there are no developed economies expecting a recession in 2025<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237379 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/No-Recessions-Schwab-12.10.png\" alt=\"\" width=\"895\" height=\"486\" \/>Source: Schwab as of 12.10.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Beckham:<\/strong> We all know tech has been a great performer, but all sectors have had some degree of upside in 2024<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237380 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Performance-Macrobond-12.13.png\" alt=\"\" width=\"1450\" height=\"492\" \/><\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Joseph:<\/strong> partly due to the expectation that profit margins will continue to rise<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237381 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Sector-Margins-Rising-12.12-Tker.png\" alt=\"\" width=\"1069\" height=\"996\" \/>Data as of 12.09.2024 via Tker<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Brad:<\/strong> Good reference for comparing this move to past moves from bear market lows<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237382 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/SP-from-Lows-Piper-Sandler-12.09.png\" alt=\"\" width=\"1255\" height=\"553\" \/>Data as of 12.09.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Arch:<\/strong> and regardless of the future path, comparisons to the 2000 top look downright silly<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237383 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/2024-vs.-2000-@SethCL-12.12.jpg\" alt=\"\" width=\"938\" height=\"1078\" \/>Source: @SethCL as of 12.06.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>JD:<\/strong> It\u2019s been another tough year for European stocks, one of the worst relative to the US<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237384 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Tough-Year-for-Europe-BofA-12.06.jpg\" alt=\"\" width=\"774\" height=\"604\" \/>Data as of 12.06.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Beckham:<\/strong> and while the valuation discount has been a reason some have bought international stocks, once you adjust for sector composition the discount hasn\u2019t yet been enough to stem the tide<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237385 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Europe-vs.-US-with-Sectors-Adjusted-Macrobond-12.13.png\" alt=\"\" width=\"1117\" height=\"588\" \/>Data as of 12.12.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>John Luke:<\/strong> It\u2019s the money going out that\u2019s expanding the government deficits, not the money coming in<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237386 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Taxes-and-Spending-Goldman-12.06-JL.png\" alt=\"\" width=\"1143\" height=\"535\" \/>Source: Goldman Sachs as of 12.06.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>John Luke:<\/strong> and the expanding debt burden is increasingly falling on domestic holders<\/em>\r\n\r\n<em>\u00a0<\/em>\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237387 size-full aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/US-Debtholders-Visual-Capitalist-January-2024.png\" alt=\"\" width=\"644\" height=\"816\" \/><\/p>\r\n&nbsp;\r\n\r\n<em><strong>Dave:<\/strong> Meanwhile, US consumers as a whole are thriving and reducing debt burdens<\/em>\r\n\r\n&nbsp;\r\n\r\n<img class=\"size-large wp-image-237390 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Household-Debt-Plunge-Goldman-November-2024-1024x556.png\" alt=\"\" width=\"1024\" height=\"556\" \/>\r\n<p style=\"text-align: center;\">Source: Goldman Sachs as of November 2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<em><strong>Joseph:<\/strong> After being caught flat-footed into the 2023 and 2024 equity rallies, strategists are getting more aggressive with 2025 price targets<\/em>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><img class=\"wp-image-237388 aligncenter\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/Strategist-Targets-TS-Lombard-12.12-Joseph.png\" alt=\"\" width=\"778\" height=\"715\" \/>Data as of 12.12.2024<\/p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<h5><strong>Disclosures<\/strong><\/h5>\r\n&nbsp;\r\n\r\n<em>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>\r\n\r\n<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>\r\n\r\n<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 &amp; tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/em>\r\n\r\n<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-2412-11.<\/em>","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,194],"tags":[53,242,83,637],"class_list":["post-237374","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-cpi","tag-economy","tag-inflation","tag-profit-margin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Market in Pictures, December 13 - 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-december-13\/\" \/>\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, December 13 - 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: \u00a0 Dave: Government inflation measures are trying to settle into the 2-3% range &nbsp; Source: Raymond James as of 12.11.2024 &nbsp; &nbsp; Brian: with services [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/\" \/>\n<meta property=\"og:site_name\" content=\"Aptus Capital Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-13T18:14:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-13T21:54:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave.png\" \/>\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-december-13\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/\"},\"author\":{\"name\":\"Aptus PM Team\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/ad43972730756fb6d6e01e61090f21c2\"},\"headline\":\"The Market in Pictures, December 13\",\"datePublished\":\"2024-12-13T18:14:06+00:00\",\"dateModified\":\"2024-12-13T21:54:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/\"},\"wordCount\":633,\"publisher\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#organization\"},\"keywords\":[\"CPI\",\"economy\",\"inflation\",\"profit margin\"],\"articleSection\":[\"Blog\",\"Charts\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/\",\"url\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/\",\"name\":\"The Market in Pictures, December 13 - Aptus Capital Advisors\",\"isPartOf\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#website\"},\"datePublished\":\"2024-12-13T18:14:06+00:00\",\"dateModified\":\"2024-12-13T21:54:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/aptuscapitaladvisors.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Market in Pictures, December 13\"}]},{\"@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, December 13 - 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-december-13\/","og_locale":"en_US","og_type":"article","og_title":"The Market in Pictures, December 13 - 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: \u00a0 Dave: Government inflation measures are trying to settle into the 2-3% range &nbsp; Source: Raymond James as of 12.11.2024 &nbsp; &nbsp; Brian: with services [&hellip;]","og_url":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/","og_site_name":"Aptus Capital Advisors","article_published_time":"2024-12-13T18:14:06+00:00","article_modified_time":"2024-12-13T21:54:09+00:00","og_image":[{"url":"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/12\/CPI-and-Core-CPI-RJ-12.11-Dave.png"}],"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-december-13\/#article","isPartOf":{"@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/"},"author":{"name":"Aptus PM Team","@id":"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/ad43972730756fb6d6e01e61090f21c2"},"headline":"The Market in Pictures, December 13","datePublished":"2024-12-13T18:14:06+00:00","dateModified":"2024-12-13T21:54:09+00:00","mainEntityOfPage":{"@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/"},"wordCount":633,"publisher":{"@id":"https:\/\/aptuscapitaladvisors.com\/#organization"},"keywords":["CPI","economy","inflation","profit margin"],"articleSection":["Blog","Charts"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/","url":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/","name":"The Market in Pictures, December 13 - Aptus Capital Advisors","isPartOf":{"@id":"https:\/\/aptuscapitaladvisors.com\/#website"},"datePublished":"2024-12-13T18:14:06+00:00","dateModified":"2024-12-13T21:54:09+00:00","breadcrumb":{"@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-december-13\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/aptuscapitaladvisors.com\/"},{"@type":"ListItem","position":2,"name":"The Market in Pictures, December 13"}]},{"@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\/237374","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=237374"}],"version-history":[{"count":0,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/posts\/237374\/revisions"}],"wp:attachment":[{"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/media?parent=237374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/categories?post=237374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aptuscapitaladvisors.com\/wp-json\/wp\/v2\/tags?post=237374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}