Record highs without big tech leadership
S&P 500, Nasdaq steady; Dow off
Financials up most among S&P sectors; Energy biggest laggard
STOXX 600 up ~0.2%
Dollar, gold off; crude, bitcoin both down >2%
10-Year U.S. Treasury yield edges up to ~3.85%
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RECORD HIGHS WITHOUT BIG TECH LEADERSHIP
While the recovery in the S&P 500 .SPX has yet to eclipse the July highs, owing in part to a drag from some of the overweighted mega caps that catalyzed the record breaking rally in the benchmark index, the equal weight S&P 500 .SPXEW has staged one of its fastest rebounds to new peaks ever.
The so-called Magnificant 7 stocks that led the way higher on a frenzy of AI enthusiasm are all below their July highs, and the market-cap weighted S&P 500, while coming within 0.3% of it's July 16 intraday peak on Monday is currently about 0.85% below it.
At the same time, the S&P 500 equal weight, a proxy for the average stock in the benchmark index, set back-to-back record highs on Friday and Monday, an indication that the overall stock market is healthy when the concentration of big tech is factored out.
According to Sentimentrader.com the equal weight index took 23 trading days to go from a record high, to at least a 5% pullback and back to a higher high. Dating back to 1957, Sentimentrader.com analysts said in a note on Monday, this was the fifth quickest recovery, bettered only by three in late 1982 and early 1983 and one in 2014. Notably each was a positive signal and the equal weighted index was higher one, two, three, six and 12 months later in each case.
"Regardless of what the much more popular capitalization-weighted index was doing then, these quick recoveries in the equally-weighted index tended to precede outperformance for the equal-weight version," the note said.
Here is a chart from Sentimentrader.com
(Alden Bentley)
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FOR TUESDAY'S OTHER LIVE MARKETS POSTS
TWO-FER TUESDAY: CONSUMER CONFIDENCE, CASE-SHILLER - CLICK HERE
WALL STREET DE-RISKS AHEAD OF NVIDIA EARNINGS - CLICK HERE
GLIMMER OF HOPE FOR LIMPING GERMAN ECONOMY CLICK HERE
AUTO PARTS SUPPLIERS POSE INVENTORY RISK FOR EU SEMIS CLICK HERE
GERMAN AUTOS - POP GOES THE DIESEL CLICK HERE
MINERS AND AIRLINES LIFT STOXX CLICK HERE
LACKLUSTRE START IN STORE FOR EUROPE CLICK HERE
RATE CUT RELIEF DOUSED BY GEOPOLITICS CLICK HERE
Consumer confidence present v future https://reut.rs/3T5h6Os
Consumer confidence jobs https://reut.rs/4dEXKrJ
Case Shiller and mortgage demand https://reut.rs/4gfGz1J
S&P 500 Equal Weight Index https://tmsnrt.rs/4cHoINR
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