US Equity Markets & Positioning
Connect macro, fundamental, and quantitative signals to equity positioning across US sectors, factors, themes, and baskets.
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…
The Fed-Hiking Trail Map: The Path Higher For Equities
The Fed’s first hike is unlikely to be an equity-market cliff. Recent multiple compression has absorbed some of the rate shock, while bond risk premia, rate volatility, and inflation expectations rema…
Cerberus Paribus: The Three-Headed Threat To Equity Valuations (Bonds, Earnings, and IPOs)
We remain constructive on US equities, but higher yields, slower EPS growth and heavy IPO issuance remain significant risks to valuations, leaving the path to our year-end target increasingly dependen…
Sector Chartpack: Tech Rebounds, Bonds Under Pressure
Strong second quarter earnings suggest that the AI story is intact. Buoyed in part by this strength, tech stocks have recoupled with healthy fundamentals after a late-July swoon, posting solid August…
Risks To The Epic Rally In Defense Stocks
US aerospace and defense stocks still have a structural tailwind from geopolitics, but face rising cyclical challenges from macro and market fundamentals, as well as eventual Iran and Ukraine ceasefir…
