Looks like the pullback in April made consumers a bit less confident about rising stock prices per the The Conference Board Consumer Confidence Index ... still a bullish crowd, however

Year/year growth in existing home prices (white) continues to rebound and reaccelerate ... we've gone thru a full cycle from +20.8% growth, down to -0.4%, and back up to +6.4% ; all while CPI owners' equivalent rent (blue) is still at +6% year/year ... shelter costs are sticky

From this morning's Employment Cost Index ... wage and salary growth for service occupations increased by +1.2% q/q in 1Q2024 (up from +0.8% in prior quarter)

.Liz Ann Sonders and I look at this table every morning and it fascinates me ... there are currently more than 400 members in the S&P 500 outperforming $AAPL YTD

Rolling 200-day correlation between changes in Energy sector (white) and Russell 1000 Value (blue) is hovering near a two-decade low

As Tech sector has eased a bit relative to the broader market (white), % of members making a new 52-week high (blue) has also cooled off

[Past performance is no guarantee of future results]

Don't call it a comeback (yet) ... even though the Utilities sector has been doing well of late, only 3% of members have made a new 52-week high

Today I learned breakdancing will be part of the Olympics

My allergies can confirm

Latest from Liz Ann Sonders and me on earnings season and large-cap dominance schwab.com/learn/story/li…

Many thanks for having me this morning

We're so back ... per Pollstar the 100 largest music tours of 2023 grossed more than $9 billion, exceeding the previous record in 2022 by nearly 50% ... big boost from the Taylor Swift, Beyoncé, and Bruce Springsteen tours - Statista

cc Carl Quintanilla

Since we've just passed a year after the regional banking crisis, it's fascinating to look back at how much the market has priced in Fed easing over the past year ... that has continued to be the wrong view, though, since the Fed hiked into the summer of '23 and has held since

So far, today is the best day for the S&P 500 Auto Industry since March 2021 (note that there are only 3 members in the group)

[Past performance is no guarantee of future results]

Here are the 'fab four' that have market caps > $2 trillion

$MSFT
$AAPL
$NVDA
$GOOGL

[Past performance is no guarantee of future results; individual stocks shown for illustration]

Here is sector performance since the S&P 500's recent peak at the end of March ... Energy, Comm Services, and Utilities lead while Real Estate is in last

[Past performance is no guarantee of future results; data from Bloomberg]

Mag7 (orange) down by nearly 1% this month, which is much better than cap-weighted (white) and equal-weighted (blue) S&P 500 ... worth noting that latter two indexes outperformed Mag7 in March, though

[Past performance is no guarantee of future results]

Looking forward to joining Kristen Scholer on Cheddar “Opening Bell” this morning at 9:30am ET

Last time 10y Treasury yield (blue) was hovering around its current level in 2007, S&P 500's forward P/E (white) was in the 14-15 range ... today, it's at 20.2

Cap-weighted Communication Services sector continues to dominate relative to equal-weighted version

[Past performance is no guarantee of future results]