As of the first quarter this year, ratio of S&P 500’s market cap to nominal GDP spiked to highest since end of 2021 pic.twitter.com/ieovbg0NgG

Rolling 60-day correlation between S&P 500 and Bloomberg Commodity Spot Index has slipped further into negative territory pic.twitter.com/CQJghTWbD1

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU

S&P 500 earnings in '24 are expected to be up 10.3% and another 13.9% next year. Yes, forward estimates can change, but they can also change to the upside. We continue to think this is too low, as the recovery will continue to broaden out. pic.twitter.com/6Qo9SAI70u