We just saw the largest selloff in the semi-conductors SOX index since the pandemic crash
It is taking place at the time valuations are at record high (see below price-to-sales in the chart underneath) Source: Bloomberg, Tavi Costa
Here are the details for the Ethereum ETFs that could be launched as early next week.
The only missing details are for Proshares's ETF. 7 of the 10 funds have fee waivers. Source: James Seyffart, Bloomberg
ECB leaves all rates unchanged as expected.
Main Refi at 4.25%, deposit rate at 3.75%. Guidance on interest rates also stays unchanged: Not pre-committing to particular path. ECB to follow data-dependent, meeting-by-meeting approach. Source: Bloomberg, HolgerZ
There are 2 ways to look at this chart:
1/ Mag7 outperformance is justified by positive earnings revision (vs. negative revision for the rest); 2/ The bar has been raised quite high for the Mag7 (so beware if they disappoint) while the bar is low for the other 493 stocks (there is room for positive surprise) Source: Bloomberg, RBC
Will this time be different?
Source: BofA
2025 and 2026 look much better for US small caps earnings, relative to large caps
Source: JPM, RBC
Here’s what JD Vance’s portfolio looks like
Source: Savvy Trader
For US small caps, rates just as important as growth since 2022.
And as we know, March of 2022 is when the hiking cycle began... Source: GS, RBC
