Russell 2000 $IWM is catching up with S&P500...
Russell 2000 is now up +11.3% YTD (with 10.3ppt has come in the last 5 sessions...) versus + for S£P 500 +19.35% YTD Source: Mike Zaccardi
As we get into the heat of EPS season...
DB notes that more companies have been beating and by a larger amount in recent quarters. If this continues, it is tough to bet against this market... Source: Deutsche Bank, RBC
It has now been over 220 days without a 5% pullback in the S&P 500, the 3rd longest streak in the last 10 years.
The last time a 5% correction occurred was in the second half of 2023. Overall, over the last 34 years, the longest stretch lasted for ~550 days in 2016-2018. Meanwhile, the S&P 500 has skyrocketed by 33% since October and 15% year-to-date in one of its best rallies in years. Source: The Kobeissi Letter, Goldman Sachs
The 50 largest stocks in the S&P500 have a median return of +13% this year while the 50 smallest stocks in the index are down 12%.
$SPX Source: Charlie Bilello
The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher.
The broad market index jumped 1.02%, closing at 5,633.91, and notching a seventh straight day of gains.
Sector composition of the S&P500 has shifted significantly over time.
energy used to be 26% of the index... Source: Goldman Sachs, Blake B. Millard
The S&P 493 earnings have been flat to down for the past five quarters.
2Q is expected to mark the first growth quarter for the Other 493. Could it lead to a more balanced market? Source: BofA
The S&P 500 is up 16.9% in 2024, the 13th best start to a year going back to 1928 and the best start to a presidential election year in history.
$SPX Source: Charlie Bilello
