The KBW Bank Index is underperforming the S&P 500 by 37% year-to-date, on pace for the widest annual gap on record
(note: data via Dow Jones going back to 1993). Source: Charlie Bilello
Another week, another IPO
$BIRK Birkenstock could reach a $10B valuation in its US IPO. Here's a look at how they make money. Source: App Economy Insight
A big short squeeze in the making?
GS data shows US CTA are now SHORT -$40B of SPX, the largest short in Goldman models history.
Ever heard of the PEG ratio?
It's Peter Lynch's go-to metric, shorthand for "price-to-earnings growth". Scores <1.0 hint at a bargain, while >2.0 might be a bit pricey -- let's take a look at where the 'Magnificent 7' stack up Shay Boloor via StockSavvyShay
Equal Weighted S&P 500 is currently trading under its 200 Day moving average by 4.2%, the most this year
Source: Barchart
Israel's Benchmark Index TA-35 plunges >6%, biggest drop since March 2020 after Hamas attack
The Hamas assaults mark the deadliest attack on Israel in decades and threaten to escalate into a broader conflict. Israeli shekel has slumped toward 7y low in recent days, ahead of the scheduled reopening of Israel’s parliament later this month. (HolgerZ via BBG)
The drawdown for the long-term Treasury ETF $TLT is now more extreme that the S&P’s drawdown during the Dot Com Crash:
Source: Bespoke
Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg.
Walmart said it’s already seeing an impact on shopping demand from people taking Ozempic. That sent shares of food and beverage companies sliding, some to multiyear lows. Source: Bloomberg, TME
