- A new bull market was confirmed when the S&P 500 closed 20% above its October 12th low. The bear market lasted 282 days. On average bull markets last three times as long, averaging 1,011 days and yielding a gain of 114%.
- This recent market growth can be deceiving. The 7 largest stocks in the S&P 500 gained 77% this year, while the average stock in the index dropped 1.2%.
- The number of publicly held companies is decreasing, there are now three times as many private equity-backed firms in the US as there are publicly held companies.
- Everyday Americans are enjoying a more cost-effective drive lately. Prices at the pump were down 23% year-over-year. Comparing May 2022 to May 2023, the average price of gas decreased from $4.67 to $3.57 per gallon.
Bespoke Investment Group - "Bull Market Confirmed"
Barrons - "S&P 500 Nears Bull Market"
Apollo Global Management - "US Companies by Backing Type"
MFS - "Beyond the News"
Economic Calendar
Monday:
Federal budget (May)
Tuesday:
NFIB optimism index (May), Consumer price index (May), Core CPI (May), CPI year over year, Core CPI year over year
Wednesday:
Producer price index, Core PPI, PPI year over year, Core PPI year over year, Fed decision on interest-rate policy, Fed Chair Powell press conference
Thursday:
Initial jobless claims (Jun), U.S. retail sales (May), Retail sales minus autos (May), Import price index (May), Import price index minus fuel (May), Empire State manufacturing survey (May), Philadelphia Fed manufacturing survey (May), Industrial production (May), Capacity utilization (May), Business inventories (Apr)
Friday:
Fed Gov. Christopher Waller speaks, Consumer sentiment
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