One for the Bulls... As shown below, during this tech pullback, forward 12-months EPS in tech has actually ticked higher.
So you could argue that this is mostly a positioning and sentiment pullback, especially in tech... Source: Bloomberg, RBC
CTAs will dump stocks over the next week in EVERY SINGLE SCENARIO warns Goldman Sachs.
If the market trades lower, CTAs are projected to sell more than $7 billion worth of equities.
So far in 2024, only 29.8% of the stocks in the S&P500 are outperforming the benchmark.
Source: Koyfin
"The H1 results reflect LVMH's remarkable resilience, backed by the strength of its Maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty."
Bernard Arnault Below $LVMH Q2 2024 organic revenue growth by business group by Quartr.
Will this time be different?
Source: BofA
The biggest outperformance of small-cap stocks over large-cap stocks, over a 5-day period, in history.
Data starts in 1978 Source: Jim Bianco
The NYSE A-D Line keeps making new highs. The US equity bull market is not just 7 stocks.
It's not just Tech. And it's not just large-caps. Yes some correction and rotation can take place from time to time. But it remains a bull market until proven otherwise. It's just a bull market... And it has been for over 2 years now. Source: J-C Parets
Global chip stocks from Nvidia to ASML fall on geopolitics, Trump comments.
Global chip stocks fell sharply, with ASML , Nvidia and TSMC posting declines amid reports of tighter export restrictions from the U.S. and a ramp-up of geopolitical tensions fueled by comments from former U.S. President Donald Trump. ASML’s Netherlands-listed shares were down 11%, while Tokyo Electron shares in Japan closed nearly 7.5% lower. The moves came after Bloomberg on Wednesday reported that the Biden administration is considering a wide-sweeping rule to clamp down on companies exporting their critical chipmaking equipment to China. Washington’s foreign direct product rule, or FDPR, allows the U.S. to put controls on foreign-made products even if they use the smallest amount of American technology. This can affect non-U.S. companies. Source: CNBC
