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• Even after working off of its lows, the S&P 500 Software and Services industry’s distance from its price targets is in the 10th percentile of all periods since 2003.
• GDP was revised down 0.4%-pt QoQ SAAR as non-residential investment remained the biggest driver of growth.
• Due to a combination of weak hiring, slowing wage growth, and higher inflation, purchasing power has been driven down as real household earnings registered a 4th percentile reading.

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