Powell and other Fed officials have signaled if economic data cooperates, a cut is coming soon. This sparked a rotation into small caps and away from the winners of 2024.... Read More
As the Fed lifted rates off zero, traders began to differentiate between companies with high interest coverage ratios and those with low interest coverage ratios.... Read More
In the first quarter of 2024, retail traders accounted for more equity volume than quant funds, HFTs, and banks.... Read More
Many measures show the stock market is more concentrated, or top-heavy, than at any time in history.... Read More
Buybacks offer companies a way to increase shareholder value without issuing a taxable dividend. Tech stocks have dominated the list of biggest buybacks in recent years.... Read More
U.S. equity net issuance rose by $469 billion in the first quarter.... Read More
Domestic equity index funds with the lowest fees saw the large majority of inflows in 2023.... Read More
Equity ETFs accounted for 30% of stock market volume in the U.S. in 2023.... Read More
Since the Fed pivot, easier conditions have led to higher asset prices. ... Read More
Equities have rallied significantly since the Fed pivot, followed by increased levels of speculative action in crowded stocks. ... Read More
Passive ownership of stocks has exploded since the Great Financial Crisis spurred by low-cost ETFs and mutual funds. ... Read More
Stocks have surpassed all-time highs and volatility has remained quiet in 2024 as the US economy breezes past calls for a recession. Sticky inflation and higher rates can change things. ... Read More
Other automakers are catching up to Tesla... Read More
U.S. equity net issuance fell by $197 billion in the fourth quarter.... Read More
Nvidia's stock has seen a massive surge in speculative and leveraged activity. It also saw a big reversal on Friday. What comes next matters for the entire market.... Read More
U.S. stocks account for almost half of global equities' market capitalization.... Read More
We have argued in the past that Cathie Wood and the ARK ETFs, headlined by ARK Innovation (ARKK), were arguably the most important manager/complex on Wall Street. After their outstanding performance in 2020, these funds have drastically underperformed.... Read More
S&P 500 valuations look stretched no matter what way you slice it. How much more optimism can drive equities higher?... Read More
Microsoft recently overtook Apple as the largest company in the world by market cap.... Read More
The S&P 500 rose 24% in 2023 but was up only 10% at the start of November. Retail options positioning did not experience its usual rise during the market rally. ... Read More