Hints and tips:
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...“Broadening out” is the hot new US stock market narrative, with the equal-weighted S&P 500 index actually beating its top-heavy conventional counterpart over the past month....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...year ago noted (Alphaville’s emphasis below): We use recent exchange-related developments to identify option trades that originate from retail investors, and find that more than 75% of their trades in S&P...
...At the top of the pile is the S&P 500, which is an absolute beast....
...And, lo: This wasn’t just a narrow large-cap US stockpickers vs S&P 500 issue either....
...A classic example of a yield-enhancing structured product is a so-called “covered call”: a purchase of the S&P 500 index and a simultaneous sale of a one-month call option on the index....
...While the S&P 500 has advanced steadily since October 27 (+22.1%), stock leadership has flipped 180° since the start of the year on shifting Fed policy forecasts....
...Moreover, despite index funds now owning more of the car company than Elon Musk, it’s trading below its S&P 500 index inclusion price....
...Less than 30% of stocks outperformed the S&P 500, the lowest annual breadth in our data history since 1987....
...It’s only barely enough for inclusion into the S&P 500....
...Which is why this new report from S&P Dow Jones Indices caught FT Alphaville’s eye....
...Looking at a 20-year chart of the price/earnings valuations of the S&P 500 and its small cap sibling the S&P 600, it seems possible that this is what has happened to small stocks: Small caps (dark blue...
...UBS also forecasts 4,700 for the S&P 500 at the end of 2024, Wells Fargo has a target range of 4,600-4,800, which is a not-very fancy way of saying “4,700, probs, maybe, dunno”....
...It has already forced Goldman Sachs’s David Kostin to raise his 2024 target for the S&P 500. Update: you can read the full revised US equity market outlook here....
...Non-sovereign fixed-income sales have picked up again this year and are approaching the $6tn mark, according to S&P Global....
...&P 500 options....
...The S&P 500 is often used as the default comparison because of its ubiquity, but, in reality, it’s a poor benchmark for private equity returns given how top-heavy it is....
...In the median experience since 1984, the S&P 500 forward P/E has declined by 2% in the 12 months preceding Election Day....
...We est. the value of the Services LOB (est. 1/4 of core revenues) at about 4/5 of Citi’s market cap ($75B vs $99B as of Dec. 29, 2023) assuming a P/E of 12-13x on 2024E earnings of $6B....
...Presently, S&P 500 vol priced for next Wednesday’s FOMC day is still muted. Indeed, the market looks to have been more concerned going into today’s payrolls report than it is with the Fed meeting....
...And, as Robin Wigglesworth noted in Alphaville last week, outside of the Mag 7 the story doesn’t look terribly strong....
...There was no liquidity in S&P 100 options....
...epidemic of chronic illness is killing us too soon (WaPo) — The inside story of Dave Clark’s tumultuous last days at Flexport: Standoffs, politics, and spin (CNBC) — Active Success: Still Elusive (S&P...
...Although the long-maturity, fixed-rate debt structures of S&P 500 companies generally insulate them from higher rates, borrow costs for S&P 500 companies have ticked up on a year/year basis by the largest...
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