Equity markets are fearful of far more than some marginal tariff tensions.
Macro data this week broadly speaking reinforced the growth scare (red line below) while inflation anxiety is back way up... Source: www.zerohedge.com, Bloomberg
S&P 500 PULLBACK
If the current pullback is going to devolve into a correction, it should happen relatively quickly. Historically, 76% of S&P 500 corrections play out w/i a 60-day window (mid-April). About half are done in <40 days (late-March). Source: 3F Research Group, Warren Pies @WarrenPies on X
It's official: the 2nd longest uptrend in the history of the Nasdaq 100 Index has ended with the first close below the 200-day moving average in nearly 2 years
Source: Charlie Bilello
Roughly 80% of the stocks in the SP500 said the word tariffs on their last earnings call
Source: Evan on X
Incredible Germany equity inflows
Source: Goldman Sachs, EPFR
Jason Zweig on reasons to not allocate 100% to stocks:
Source: Brian Feroldi
264 of the S&P 500’s constituents, or a little over 52% of the index, are actually still up in 2025.
The star of the S&P 500 Class of Q1 so far is CVS HealthCVS $65.81 (2.74%), which has jumped 45% since the start of the year, closely followed by Philip Morris InternationalPM $153.14 (-0.58%) and Super Micro, which is doing the absolute bare minimum to remain on the market. Uber also joins the all-star lineup, ahead of Meta, which is the best of the Big Tech stocks, evading the pain of peers Amazon (-7%), Nvidia (-14%), and Tesla (-33%), which are all down. But the one company that’s down deepest in the trenches is UGG and Hoka shoe company DeckersDECK $136.40 (1.67%), which never recovered from getting stomped after its underwhelming Q3 update. Source: Chartr
EU defence stocks so far this year....
Source: Koyfin
