- Four US public companies, Apple, Microsoft, Google, and Amazon, are part of the $1 trillion market cap club, collectively making up 21% of the S&P 500. These "mega-cap" stocks have all seen over 30% growth year-to-date as of 5/17/23.
- Online sales accounted for 16.4% of US retail sales in April 2023, nearly double the share of the sector in April 2013. Only "motor vehicles and part dealers" have a larger share than online, indicating that online sales are on track to become the leader in the retail sales segment.
- The cryptocurrency market has rebounded after setbacks that caused massive losses last year, with Bitcoin rallying by 60% this year and the token market reaching an estimated value of $1.1 trillion.
- Tech and growth stocks without dividends have risen by 10% this year. On the other hand, stocks with high dividend yields have decreased by 6%. Despite this, dividend stocks remain appealing to investors as the iShares Select Dividend index is valued at 12 times expected earnings in 2024 whereas the tech-heavy Nasdaq 100 index is valued at 22 times 2024 expected earnings.
MFS - "Beyond the News"
Barrons - "Crypto Is Staging a Major Rebound. How It Survived a $3 Trillion Crash."
Barrons - "Dividend Stocks Are a Victim of AI’s Success. It’s Time to Buy."
Economic Calendar
Monday:
Memorial Day, all markets closed
Tuesday:
S&P Case-Shiller home price index (20 cities) (Apr), Consumer confidence (May), Richmond Fed President Barkin speaks
Wednesday:
ADP employment (May), Chicago Business Barometer (May), Job openings (Apr), Philadelphia Fed President Patrick Harker speaks, Federal Reserve Beige Book
Thursday:
Initial jobless claims, U.S. productivity (Q1), S&P U.S. manufacturing PMI (May), ISM manufacturing (May), Construction spending (Apr), Philadelphia Fed President Patrick Harker speaks
Friday:
U.S. employment report (May), U.S. unemployment rate (May), U.S. hourly wages (May), Hourly wages year over year (May)
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