Wow. Systematic macro hedge funds have reduced exposure to US equities to levels not seen since the COVID crash.
They sure have a lot of buying to do if the market stays bid. Chart: Goldman Sachs thru Markets & Mayhem
The BofA Fund manager survey can be used as a great contrarian indicator.
Even BofA's Hartnett is mocking how contrarian his Fund Manager Survey has become... Source: zerohedge
Warren Buffett looks at market cap-to-GDP as one indicator for how frothy or cheap the markets may be.
The S&P 500 recently traded around 168% market cap-to-GDP vs the global equity markets at around 90%. That suggests US stocks are .. exceptionally expensive. Chart: Goldman, Markets & Mayhem
🚨The US stock market $SPY is now the 2nd worst out of 45 country ETFs since President Trump's term began in January.
The US is down 14% versus the average country that's up 3.7%. Germany $EWG is outperforming the US by 25 percentage points.🚨 Source: Bespoke
Here's how every stock in the SP500 has performed so far in 2025 Wall Street 2025 Performance:
🔴 $DIA is down 8% 🔴 $SPY 500 is down 10.1% 🔴 $QQQ is down 15.6% 🔴 $IWM 2000 is down 15.7% 🟢 $VIX is up 70.9% Source: Bloomberg
Hermes $RMS Q1 2025
"Despite a high comparison basis in the first quarter, the group achieved solid growth in sales, thanks to the trust of its customers and the commitment of the teams, whom I thank warmly." – Axel Dumas, CEO Revenue growth by business line: Source: Quartr
$ASML CFO on the potential impact of tariffs:
—Tariffs could impact ASML across 4 critical supply chain categories —Actively working to mitigate tariff-related risks across its ecosystem —Timing & magnitude of Tariff-induced demand shocks are still too early to quantify Source: The Transcript @TheTranscript
Here’s how Wall Street’s year end 2025 targets for the S&P 500 have changed
Source: Blossom @meetblossomapp, Yahoo Finance
