- The S&P 500 has only dropped in consecutive years 4 times since 1928. That being said, when consecutive down years have occurred, drops in the second year have always been deeper than in the first, with an average decline of 24%.
- Apartment rents have risen 25% over the past two years. Of the 44 million households that rent, more than 19 million currently spend 30% or more of their income on rent and housing costs.
- Google and Facebook accounted for a combined 48.4% of U.S. digital-ad spending in 2022. This was their lowest market share since 2014. Their ad businesses are still growing, but data shows they are losing market share to new media platforms like TikTok.
- The S&P 500 has outperformed international stocks by 52% over the last five years and 160% over the last ten. In the past year, however, the S&P 500 underperformed most of the rest of the world, at least in local currencies.
Bloomberg- "Optimism Makes Comeback on Wall Street with Soft Landing Eyed"
WSJ- "Apartment Rent Growth Set to Keep Slowing This Year"
WSJ- "Google and Meta's Advertising Dominance Fades as TikTok, Streamers Emerge"
The Irrelevant Investor- "10 Predictions for 2023"
Economic Calendar
Monday:
NY Fed 1-year inflation expectations (Dec), NY Fed 5-year inflation expectations (Dec), Atlanta Fed President Raphael Bostic speaks, Consumer credit (Nov)
Tuesday:
NFIB small-business index (Dec), Fed Chair Jerome Powell speaks in Sweden, Wholesale inventories (revision) (Nov)
Wednesday:
None scheduled
Thursday:
Philadelphia Fed President Patrick Harker speaks, St. Louis Fed President James Bullard speaks, Consumer price index (Dec), Core CPI (Dec), CPI (year-over-year) (Dec), Core CPI (year-over-year) (Dec), CPI excluding shelter (3-month SAAR) (Dec), Initial jobless claims (Jan), Continuing jobless claims (Dec), Federal budget (Dec)
Friday:
Import price index (Dec), UMich consumer sentiment index (early) (Jan), UMich 1-year consumer inflation expectations (Jan), UMich 5-year consumer inflation expectations (Jan)
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