Up and Adam

The S&P 500 enters its sixth week of gains amidst a Fed leadership transition and record-low consumer sentiment. Raymond James maintains a preference for US equities over European counterparts due to superior earnings fundamentals.

Key Takeaways

• 1.The S&P 500's six-week winning streak is historically a bullish indicator, with an average 12-month forward return of 12.2%.
• 2.US corporate earnings growth (27%) significantly outperforms European earnings (1% decline ex-energy), supporting a preference for US equities.
• 3.Consumer sentiment has reached an all-time low as inflation and high gasoline prices outweigh positive labor market data.

Table of Contents

• Previous Close
• Future
• In Powell's Final Week As Fed Chair, His Successor Is Poised For Confirmation
• Michigan Sentiment Sets A Fresh All-Time Low—A Reminder That Inflation Is A More Pressing Issue
• After A Busy Week Of Redistricting Headlines, What's Still Unresolved?
• Headline Growth In European Earnings Masks Weakness Under The Surface
• After Six Straight Weeks of Gains For The S&P 500, What Does History Suggest About The Path Ahead?

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