Dominant Tech

Dominant Tech

  When people discuss “the stock market,” they often mean a big index like the S&P 500. But it’s sometimes more informative to break the index down into smaller sections, or sectors, that describe the underlying businesses. For example, 11 sectors...
Back Where We Started

Back Where We Started

  The bond market went on a rollercoaster ride in 2023. But, despite the wild gyrations, the 10-year Treasury rate ended the year exactly where it began. As you can see on the chart above, the 10-year Treasury rate—the benchmark U.S. interest rate—fell to a low...
New-High Breadth

New-High Breadth

  As I write this, the major U.S. stock indices are inching toward new all-time highs. On a total return basis (including dividends), the Dow and the S&P 500 are already there—the tech-heavy Nasdaq is right behind them. But for this week’s chart, I want to...
Soft Landing

Soft Landing

  When the Federal Reserve began increasing interest rates in 2022, the big worry was that it would put a lot of people out of work. Initially, the Fed predicted that the unemployment rate would need to rise from 3.7% to 4.4% in 2023, equivalent to 1.2 million...
Calmness

Calmness

  For this week’s chart, we highlight the VIX. No… not that ointment your mom rubbed on your chest when you were sick as a kid. But rather the VIX Index, a measure of market expectations for future stock market volatility. When the VIX is high, it means traders...
Done Hiking

Done Hiking

  Has the Fed reached the summit of its rate-hiking adventure? If so, our featured chart this week might shed some light on where the stock market could be headed next. The chart illustrates the historical performance of the S&P 500 stock index after the...