Since the end of 2012, the S&P 500 has more than tripled, rising by 216.2%
Of that increase, eight megacap stocks have accounted for just under half of the total gain. Source: Bespoke
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
When the book on 2023 closes, extreme sector divergence will surely be considered one of the major plot points
Technology and Communication Services are each up more than 40% YTD, while five of eleven sectors are in the red on the year. Source: Bespoke
In case you missed it... The SP500 Equal Weighted Index is now down more than 5% this year...
Source: Barchart
Eli Lilly exceptionalism... $LLY vs. rest of Pharma and S&P 500 Healthcare stocks
Source: Goldman Sachs, TME
Here’s a look at the four 10%+ corrections we’ve had in the last two years
Just registered 4 last week. How deep will this one end up being? Source: Bespoke
The S&P 500 is now down over 10% from its high in late July, the largest drawdown thus far in 2023
Is such a decline unusual? Not at all according to Charlie Bilello. A 10% intra-year drawdown has happened every 1.6 years on average.
