P/E expansion explains recent S&P 500 rally
Source: Goldman Sachs, TME
It's starting to feel a bit more crowded
Source: mayhem4markets
Goldman Sachs has upgraded its buyback forecast for 2024, anticipating a total of $925 billion in buybacks for S&P 500 companies, marking a 13% year-over-year increase.
They also took the opportunity to introduce a prediction for 2025: $1.075 trillion in buybacks, thus surpassing the trillion-dollar mark, setting a new historical record, and representing a 16% year-over-year growth. source : GS
It has now been over a year since the S&P 500 had a one-day drop of 2%+.
- 3rd longest streak since 2000. - The S&P went 949 trading days (3.76 years!) from 5/19/03 to 2/26/07 without a one-day drop of 2%+. Source: bespoke
6 out of the top 20 stocks in the SP500 this year are in the Semiconductor space
Nvidia once again leading everything w/ a gain of +66%. $NVDA . Source: Charlie Bilello
The SP500 has now traded green in both January and February
When that has occurred (data going back to 1950), the $SPX finished the rest of the year higher 27/28 times with the final 10 months being higher 26/28 times. Seems pretty good for Bulls! 🐂 Source: barchart, H/T Ryan Detrick
Despite the surge in market-cap indices, small-cap stocks remain deeply entrenched in a bear market, now down 27% from their recent peak.
Source: Bloomberg, Tavi Costa
The Magnificent 7 are now up ~1,700% since 2015 compared to the S&P 500's ~140% gain.
Even the Nasdaq Composite Index, the largest tech index in the world, is up just ~230% since 2015. Source: DB, TME
