Crosscurrents

Check out the accompanying pdf and chart collection. Executive Summary: All 11 sectors of the S&P 500 are up since October 12, which we believe was the bear market’s bottom and the start of a new bull market in stocks. Leading the charge has been the MegaCap-8 stocks, which collectively now make up nearly a quarter of the S&P 500’s capitalization and nearly half of the S&P 500 Growth index’s. … With all the focus on a prospective credit crunch, gone relatively unnoticed are two market-buoying positives: Corporate cash flow hit a record high at year-end 2022, and the global economy has been proving rather resilient.