US Equity Markets & Positioning
Connect macro, fundamental, and quantitative signals to equity positioning across US sectors, factors, themes, and baskets.
Sector Chartpack: AI Stumbles, The Index Holds
October saw a 0.9% decline in the S&P 500, dragged lower by Communication Services (-15.1%) and Information Technology (-6.8%). All other sectors delivered positive returns, led by traditional defensi…
Everything You Ever Wanted To Know About AI, But Were Afraid To Ask
Since ChatGPT’s launch in late 2022, multiple waves of AI innovation have driven markets and dominated the conversation across the investment community. Drawing on an extensive set of questions from B…
Fade Credit Concerns, Favor Quality: 10 Things We Are Thinking (Ahead Of Earnings Season)
Credit spreads have widened as bond risks intensified, pressuring weak-balance-sheet companies. But the stress is narrow and valuations have already compressed, so equity risks look manageable. Rather…
A House Divided: Index Calm Masking Election Risk
Betting markets give Democrats a 90%-plus chance of flipping the House, but history suggests a midterm flip is business as usual, not a signal for 2028. Volatility measures suggest little of the typic…
Sector Chartpack: Tech Resilience In The Face Of Surging Yields
As the 10-year yield surged in September, the S&P 500 slipped but only by 0.3%, supported by Technology and Communication Services. We see upside into year end, with bond yields remaining the key ris…
IP-Oh No! The Issuance Wave Is Muting Multiples
The IPO wave has arrived, dominated by SpaceX’s massive listing. Aftermarket performance has been weak, and elevated issuance is weighing on S&P 500 multiples, although some pressure is already priced…
