BREAKING: The S&P 500 has just hit its 23rd all time high this year and is now up 29% since October 2023
This means that the S&P 500 has officially added $10 TRILLION in market cap since its October 2023 low. The index is now up 11.5% in 2024 even as a total of four interest rate cuts have been priced-out since January. We are on track to see the most all time highs in a year since 2021. Over the last 12 years, the S&P 500 has hit 370 all-time highs, which is more than any 12-year period in history. $SPX Source: Charlie Bilello, The Kobeissi Letter
S&P 500 $SPX hits all-time high
Source: Barchart
Positive market breadth ALERT
77% of S&P 500 stocks are now trading above their 200-day moving average, one of the highest levels in the last 2 years Source: Barchart
Positive market breadth ALERT >>>
77% of S&P 500 stocks are now trading above their 200-day moving average, one of the highest levels in the last 2 years Source: Barchart
S&P 500 companies continue to outpace earnings expectations, but not quite as much on the sales side.
But now we are seeing these expectations rise, so the quarters ahead may become a bit more challenging as we may see earnings growth slowing at the same time. Source: Bloomberg, Markets & Mayhem
In most cases, market breadth leads price. NYSE, S&P 500, and Midcap advance/decline lines all made new all-time highs last week.
Small caps are on the verge of new 52-wk highs. Some support for a potential summer rally? Source: Ryan Detrick
"Power Up America" theme is Goldman's top performing basket year-to-date w/+37.5% driven by global data centers' eye-popping demand for power.
17 of the 22 companies from the basket that have reported earnings have beat estimates by an average of +29%. Source: HolgerZ, Bloomberg
Believe it or not, utilities $XLU is now the best performing SP500 ETFsince the start of the year (+13.4%).
Technology $XLV is in the second half of the ranking (+5.4%). So what's going on? Utilities has been on a run as we are reaching the 2nd derivative of the AI trade. Investment bankers are pushing new AI baskets and many of them include some Utilities stocks. Source: Mike Zaccardi
