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Source: Strategas, Avalon Investment & Advisory as of November 7, 2019
Chart of the Week: Why is the S&P 500 hitting new highs when 3Q earnings are negative year-over-year and global economic growth remains challenged? Global PMIs and sentiment seem to have at least stabilized and perhaps bottomed (see chart). Since the end of 3Q, markets have been signaling that better economic and earnings data are coming. 10-year Treasury yields moved higher while the yield curve has steepened, and corporate bond spreads have narrowed. In addition, more procyclical parts of the market like industrials, financials, emerging markets and small caps have outperformed while staples and utilities have lagged. Value stocks have also begun to outperform after a long stretch of underperformance. The markets are not always correct forecasters, but Avalon believes there is more upside if the recessionary and trade risks priced into the market continue to recede.
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Phan Phan Duong, Senior Analyst
Henry J. Lartigue, CFA, Managing Partner
Samuel E. Rines, Chief Economist
Bill Stone, CFA, CMT, Chief Investment Officer
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News | Press
Avalon Advisors, LLC Announces new Co-Chief Investment Officer
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Avalon Advisors Announces San Antonio Expansion
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