Ahead of the Pack

(1) US is ahead of the world benchmark this year and since the start of the bull market. (2) Faltering economies weighing on EMU and Japan MSCIs. (3) No sign of secular stagnation in US stock market performance. (4) Emerging Markets MSCI also outperforming this year despite weakening commodity prices and strengthening dollar. (5) Homegrown stories may be boosting EM stocks. (6) Or maybe they are just relatively cheap. (7) Forward earnings at record highs for 7 of 10 S&P 500 sectors. (8) Interest-rate-sensitive sectors underperforming again. (9) Energy has had a round trip this year in the performance derby. (10) Consumer Discretionary showing some life.