The top 10 stocks in the S&P 500 now account for a record 31% of the ENTIRE index
Just 8 years ago, the top 10 stocks accounted for 17% of the index. A few stocks continue to drive the entire market. Source: The Kobeissi Letter
Bonds are looking the most attractive vs stocks in decades, according to one metric
The gap between the earnings yield of the S&P 500 and the yield on the 10-year Treasuries dropped to around 1.1 percentage point last week, its narrowest since 2002. Source: Lisa Abramowicz
August SP500 seasonality
Source: Bloomberg
The Top Performing S&P 500 Sectors Over the Business Cycle
Source: Barchart, Markets in Minute
The median sales price of a home in the US is now 560% of the median household income.
In 2008, it was 360% of the median household income. This is the least affordable housing market in history. Source: The Kobeissi Letter
REPORTED RECESSIONS: in US Luxury Goods...
Congruent with dour commentary out of LVMH, luxury spending slowed to a -7.6% Y/Y Recession in June = 9th month of negative Y/Y growth. Source: Keith McCullough
Only 11% of US household debt has an adjustable interest rate
That means the vast majority of Americans with existing fixed rate mortgages/auto loans/student loans have not been impacted by the Fed's 11 rate hikes. Source: Charlie Bilello
US diesel vs inflation: if history is any guide, recent pop of US diesel prices could imply CPI going back over 4%
Source: BofA
