US stocks (Russell 3000) less the Mag 7 is up only +2.95% this year. It is thus underperforming cash for the second straight year.
Source: Jim Bianco
HARD ASSETS ARE AT THEIR LOWEST vs. FINANCIAL ASSETS SINCE 1925
Source: BofA
The FT has tracked all of Softbank's IPO returns. And guess what... they are terrible
source: Evan Tindell
In case you missed it: Tuesday's rally was not driven solely by the Magnificent 7
Russell 2000 index of small-cap stocks soared a staggering 5.4%, as investors bet the Fed is done raising rates and could be cutting interest rates much sooner than expected. Source: HolgerZ, Bloomberg
"Mag 7" darling Nvidia $NVDA finished the day with its highest closing price in history
And the stock has now traded green for 10 consecutive trading days, its longest winning streak since December 2016. Source: Barchart
Dividend stocks have been horrendous in 2023
The 100 highest yielding stocks in the S&P had an average total return of -7.94% through last Friday compared to an average gain of 8.94% for the 100 (exactly) stocks in the index that pay no dividend. Source: Bespoke
Stock markets care much more about US Treasury auctions now than they used to
Chart from Citi’s Stuart Kaiser thus Lisa Abramowitz
2023 has been the polar opposite of 2022:
-Worst performing areas of the equity market in 2022 (Nasdaq/Tech/Growth) have been the best performers in 2023. -Best performers from 2022 (Energy/Value/Equal Weight) have been the worst in 2023. Source: Charlie Bilello
