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Below is a look at a handful of charts published this week that we thought were interesting or noteworthy. Receive charts and analysis like this in your inbox daily by signing up for a two-week trial to Bespoke Premium.
So far in December, the Consumer Staples sector has far outperformed the Consumer Discretionary sector. Although this is great for holders of stocks like Procter & Gamble (PG) and Pepsico (PEP), this has historically been an ominous sign for the broader market. When Consumer Staples has outperformed Consumer Discretionary by 10+ percentage points on a month to date basis, the broader S&P 500 has struggled in the intermediate term, at least going back to 1990. Take a look at the charts below to gain further insight into this phenomenon.
Unlike prior recessions, the US share of the aggregate global market cap did not decrease significantly during the COVID crash. This is largely due to the fact that this recession was global by nature, whereas previous pullbacks were more concentrated into the US. Since the bottom of the COVID crash, the proportionate share of the US has risen by 4.97 percentage points.
Although performance from the broader emerging markets category has been negative on a year to date basis, there are certainly pockets of strength. Taiwan, India, and Russia have all seen double digit gains so far this year, but countries like Brazil, China, and South Korea have weighed down related indices and ETFs.
SPLV, which tracks low volatility members of the S&P 500, has been significantly outperforming the S&P 500 over the last two weeks. This week, the spread between SPLV and SPY hit the highest level seen since 1/31/20, which was less than a month before the COVID crash. SPLV outperformance tells us that investors are wary about the prospects of the market and are flocking to safer names.
According to survey results released by the Small Business Association, inflation is tied with taxes for the second most important problem for small businesses, trailing only the quality of labor. Inflation has not ranked at this level since 2008, when it briefly became the number one issue that small businesses faced.
The charts above are interesting and made readily available to non-members, but the research we publish for members in our Chart of The Day is even more informative. You can get access to our Chart of the Day and more by enrolling at the Bespoke Newsletter membership level, which costs just over a dollar per day ($395 annually). Get started with a 14 day trial today!
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If you would like to receive everything that we offer, the Bespoke Institutional membership is right for you. On top of the reports that we mentioned above, you will have access to our Little Known Stocks Report, Conference Call Recaps, daily Closer, and all of our interactive investor tools. Start your 14 day trial to Bespoke Institutional today.
