Market volatility persisted during 1Q23, but several of 2022’s underperformers experienced a notable turnaround, highlighting investors’ willingness to look beyond near-term challenges and to front run a dovish shift in monetary policy…

The week in review FOMC hiked rates 0.25% to a range of 4.75%-5.0% Existing home sales jumped to 4.6M from 4.0M Prelim. March PMI Composite rose to 53.3 from 50.1 The week ahead PCE inflation Personal income and consumer spending Thought of the week March madness had...

The week in review Nonfarm payrolls rose by 311K, vs. expectation for +223K Hourly earnings rose 0.2% m/m and 4.6% y/y Initial jobless claims rose to 211K, a 21K increase Job openings decreased to 10.8M from 11.2M The week ahead CPI PPI (Wholesale prices) Retail sales...

With over 90% of the S&P 500’s market cap reported, we are tracking 4Q22 operating earnings per share (EPS) of $49.37, representing y/y and q/q declines of 13.0% and 1.9%, respectively. Furthermore, S&P 500 operating margins are sitting at 10.8%, down from 13.4% in 4Q21…

U.S. retail sales rebounded sharply in January, exceeding expectations, and signaling that the American consumer continues to spend. After consecutive months of decline into the end of 2022, nominal retail sales jumped by 3% m/m in January…

Improving global PMIs and a much better-than-expected employment report have recently given investors new confidence that the economy can avert a near-term recession, boosting market sentiment and stock prices…

With about half of market capitalization reporting, our current estimate for 4Q22 S&P 500 operating earnings (EPS) is $50.48, representing a y/y decline of 11.0% and a q/q increase of 0.3%.

While the federal minimum wage will likely remain unchanged from $7.25, 27 states and D.C. planned state minimum wage increases for 2023.

While markets have been fairly resilient at the start of the year, recent economic data have pointed to further weakening in the economy…

While the story last year was about inflation peaking, the 2023 narrative is shifting toward how quickly inflation can cool, and furthermore, how much cooling will be sufficient to get the Fed to pause its rate-hiking campaign.