Below a chart of stocks $SPY (S&P 500) vs. bonds $TLT (iShares 20y+ US Treasuries), just as a reminder of the persistence and longevity of this relative trend
Source: David Keller
Through FY24 to FY27, Nvidia $NVDA is projected to generate a total of $342B in revenue
That forecasted total is more than double Nvidia’s lifetime revenues of $160.3B through the end of FY23. Source: Beth Kindig
The relative Nasdaq 100 bull does not care about no rates moving higher...
Source: TME, Goldman Sachs
LVMH vs Novo Nordisk gap is getting extreme. Is there cross asset logic here, or is it just hot money switching from one ex hot asset to another "must have" asset?
Source: TME, Refinitiv
Moderna's stock is now down 81% from its peak and below the price it was trading at when the FDA issued an EUA for its Covid-19 vaccine back in December 2020
$MRNA Source: Charlie Bilello
Wondering why high interest rates hasn't hurt sp500 performance so far?
Just have a look at the chart below courtesy of Linas Beliūnas. The S&P 500 heavy weights are full of cash and have been benefiting from the higher yield paid on short-term deposits. E,g Apple is making $1 billion on their cash holdings doing absolutely nothing...
Nobody can predict at the moment how the Middle East situation will unfold, but if history is a guide market impacts of geopolitical scares are usually short lived
Will it be different this time? Source: Michel A.Arouet
The bull-market is one-year old and the leadership has been unusual
• Since 1980, every single end to a bear market and start of a new bull has been accompanied by a broad rally in stocks, with the Equal Weight Index and small-caps stocks outperforming the S&P 500. • This time is different: the S&P 500 is heavily influenced by the 10 largest companies, which have enjoyed outsized returns. The so-called "magnificent seven" (Amazon, Apple, Alphabet, Meta, Microsoft, NVIDIA and Tesla) are up 77% over the past 12 months. But the S&P 500 Equal Weight Index, which assigns the same weight to all the stocks that are included, is up a more modest 11% for the same timeframe. Small-cap stocks are up 5%. Source: Edward Jones
