US households have not been this giddy on stocks in decades.
Source: The Daily Shot
The S&P 500 is currently on pace for back-to-back years with a total return above 20%.
The last time that happened: 1998-1999. $SPX Source: Charlie Bilello
The S&P 500 has gained over $10 trillion in value this year.
Source: Brew Markets
BREAKING: S&P 500 buybacks jumped 35% in Q2 2024 to $236 billion, near the all-time record.
Furthermore, a massive 52% of stock repurchases were conducted by the index's top 20 firms. This compares to a long-term average of 48% and pre-pandemic average of 45%. Apple, $AAPL, Alphabet, $GOOGL, Meta, $META, and Nvidia, $NVDA ALONE back $63 billion of stock. The Information Technology sector saw $68 billion of repurchases while Financials and Communication Services saw $45 billion and $35 billion, respectively. Buybacks are fueling the stock market rally. Source: The Kobeissi Letter
Speculative growth stocks relative higher quality growth are breaking out
Source: J-C Parets
GDP growth does not always correlate with earnings and equities performance
Source: Michel A.Arouet
BofA: With the S&P 500 up ~50% over the last two years, history suggests more modest index gains going forward.
Returns were most frequently in the 0-10% range following periods where the index was up 40-50% over a two-year period Source: Mike Zaccardi, CFA, CMT, MBA
US equities: elevated P/E and high growth expectations.
Better for earnings to deliver in order to keep the PEG at reasonable level Source: Morgan Stanley Research
