The Bespoke 50 Growth Stocks — 11/7/24
The “Bespoke 50” is a basket of noteworthy growth stocks in the Russell 3,000. To make the list, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke’s analysis. There were 10 changes to the list this week.
The Bespoke 50 is available with a Bespoke Premium subscription or a Bespoke Institutional subscription. With Bespoke Premium, you’ll receive a number of daily market updates from us along with our weekly newsletter and a portion of our investor tools. With Bespoke Institutional, you’ll receive everything that’s included with Premium plus additional daily macro analysis and more stock-specific research.
To see all 50 stocks that currently make up the Bespoke 50, simply start a two-week trial to Bespoke Premium or Bespoke Institutional.
The Bespoke 50 performance chart shown does not represent actual investment results. The Bespoke 50 is updated monthly on Thursdays unless otherwise noted. Performance is based on equally weighting each of the 50 stocks (2% each) and is calculated using each stock’s opening price as of Friday morning after publication. Entry prices and exit prices used for stocks that are added or removed from the Bespoke 50 are based on Friday’s opening price. Any potential commissions, brokerage fees, or dividends are not included in the Bespoke 50 performance calculation, but the performance shown is net of a hypothetical annual advisory fee of 0.85%. Performance tracking for the Bespoke 50 and the Russell 3,000 total return index begins on March 5th, 2012 when the Bespoke 50 was first published. Past performance is not a guarantee of future results. The Bespoke 50 is meant to be an idea generator for investors and not a recommendation to buy or sell any specific securities. It is not personalized advice because it in no way takes into account an investor’s individual needs. As always, investors should conduct their own research when buying or selling individual securities. Click here to read our full disclosure on hypothetical performance tracking. Bespoke representatives or wealth management clients may have positions in securities discussed or mentioned in its published content.
Bespoke’s Weekly Sector Snapshot — 11/7/24
Chart of the Day – Trump Trade Goes AWOL
B.I.G. Tips – Fed Day on a Thursday
Bespoke’s Morning Lineup – 11/7/24 – An Uneven Wave
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“Several commentators have reflected on the fact that this may be one of the great political victories of all time.” – Richard Nixon, 11/7/72
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
As if the Election Day and post-Election Day returns weren’t enough, equity futures are positive again this morning. Today’s early gains are only modest, though, and we just got a bunch of economic reports to go through including Non-Farm Productivity (weaker than expected), Unit Labor Costs (higher than expected), and jobless claims (roughly in line) at 8:30, so the positive tone could change between now and the open. And did we mention that there’s a Fed meeting with a decision on interest rates expected at 2 PM? Markets are overwhelmingly pricing in a 25-bps cut, but what Powell says at the 2:30 press conference will be more important than the actual decision.
Regarding post-election market returns, yesterday’s 2.5% gain in the S&P 500 was historic. Since WWII, market performance the day after Presidential elections was typically negative with a median decline of 0.4% and positive returns just 42% of the time. Yesterday’s gain was the best, surpassing the prior record of 2.2% from 2020.
Small caps had an even better day. While the Russell 2000 has only existed since the late 1970s, yesterday’s 5.8% gain ranks easily as the best, nearly doubling the 3.1% gain after Trump’s last election!
One not-so-bright spot about yesterday’s rally was breadth. Normally, when the S&P 500 rallies 2% or more net breadth for the S&P 500 is also very positive at an average of +3.83. Yesterday’s net breadth reading for the S&P 500 was just +180. Since 1990, there have been 273 days that the S&P 500 rallied at least 2%; of those, only eight had a weaker daily breadth reading. And now for the trivia stat of the day. The last time the S&P 500 rallied 2%+ and net breadth was below +200 was on 11/4/20, the day after the 2020 election when breadth was negative 32!
Bitcoin Cup and Handle Breakout
Last week we published a Chart of the Day for subscribers highlighting the multi-year cup and handle pattern that bitcoin had formed and its similarities with gold’s (GLD) technicals.
On the back of President Trump’s victory last night, bitcoin’s price has now spiked more than $6,000 to trade at new all-time highs above $75,000. The post-election move looks like a clear breakout above all prior resistance levels. From a technical perspective, this breakout essentially marks the end of the cup and handle and the beginning of the post-cup and handle leg higher. Going forward, technicians will be looking for bitcoin’s prior all-time highs in the low $70,000s to now act as support.
Like this content? We think you’ll love our premium equity market research. Below are two Bespoke membership options to choose from. Start a two-week trial to one of them today!
The Closer – Election Impact, Reverberations, 30-Year Sale Strong – 11/6/24
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 a group of 33 stocks that saw large moves today with the catalyst of the election (pages 1 and 2). We then review the very strong 30-year bond auction (page 3) and close out with a petroleum stockpiles update (page 4).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Daily Sector Snapshot — 11/6/24
Fixed Income Weekly — 11/6/24
Searching for ways to better understand the fixed income space or looking for actionable ideas in this asset class? Bespoke’s Fixed Income Weekly provides an update on rates and credit each week. We start off with a fresh piece of analysis driven by what’s in the headlines or driving the market in a given week. We then provide charts of how US Treasury futures and rates are trading, before moving on to a summary of recent fixed-income ETF performance, short-term interest rates including money market funds, and a trade idea. We summarize changes and recent developments for a variety of yield curves (UST, bund, Eurodollar, US breakeven inflation, and Bespoke’s Global Yield Curve) before finishing with a review of recent UST yield curve changes, spread changes for major credit products and international bonds, and 1-year return profiles for a cross-section of the fixed income world.
Our Fixed Income Weekly helps investors stay on top of fixed-income markets and gain new perspectives on the developments in interest rates. You can sign up for a Bespoke research trial below to see this week’s report and everything else Bespoke publishes for the next two weeks!
Click here and start a 14-day free trial to Bespoke Institutional to see our newest Fixed Income Weekly now!
Will International Stocks Ever Outperform Again?
On the heels of last night’s election results, we’ve seen some major moves in equities on a global scale. While the S&P 500 is up over 2% today, the MSCI All Country World Ex-US Index ETF (CWI) is down slightly more than 1%. Since the CWI ETF first launched in 2007, today would be just the fifth time it fell over 1% on the same day the S&P 500 ETF (SPY) rallied more than 1%. The other days were 1/28/08, 11/9/16, 2/24/22, and 10/24/22. Even more notable is that there have only been two other days when the daily performance spread between the two ETFs (in favor of SPY) was wider – during the Financial Crisis two days after the 2008 election on 11/6/08 and the day after the Brexit vote on 6/24/16. It’s been a historic day.
Today’s performance gap begs the question of whether international stocks will ever outperform again. The chart below shows the relative strength of the US (SPY) versus the rest of the world (CWI) since the latter ETF’s launch in 2007. Outside of a few years after it first started trading when international stocks performed roughly in line with the US, it’s been a one-way move in favor of US stocks for over a decade now, and today’s move only added fuel to the US rocket ship. There will come a time when international stocks have their day in the sun, but international investors aren’t sure how long they can hold their breath.
Like this content? We think you’ll love our premium equity market research. Below are two Bespoke membership options to choose from. Start a two-week trial to one of them today!