Nov 19, 2024
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start with commentary on tariffs (page 1). Next, we check in on the performance of office loans and CMBS (page 2) in addition to reviewing today’s residential construction figures (page 3). We finish with a rundown on Canadian inflation (page 4).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Nov 19, 2024
We discussed the hard fall in Health Care sector stocks in today’s Chart of the Day. While the drop has resulted in extreme underperformance versus the S&P 500, it has also resulted in the sector’s weight in the S&P 500 falling dramatically. At the end of 2022, the sector’s weight rose almost to 16%. At that time, it was the second-largest sector behind Tech, and relative to its history, it was one of the largest weights on record. The past couple of years have seen a dramatic weight loss that is now teetering on moving to a single-digit weighting. At 10.36%, the Health Care sector currently has its lowest weight since September 2000. Additionally, the 1.67 percentage point loss in weight over the past three months is one of the biggest declines on record.
Back at the recent highs in late 2022, Health Care was the second largest sector in the S&P 500. Today, it is only the fourth largest sector which is the lowest ranking it has had in more than a decade (2012). Of course, that smaller weight means that the Health Care sector won’t have the same pull on the broader market that has been typical over the past couple of decades.
Nov 18, 2024
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a look at the dynamics of growth and momentum (page 1) in addition to providing an update on the crude term structure and our Fedspeak index (page 2). We then dive into consumer credit (page 3) and freight data (page 4) before previewing this week’s Treasury auctions (page 5). We close out with a positioning recap (pages 6-9).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
