Charts & Chat - June 2, 2024
Eric Boyce • June 2, 2024
This week, CEO Eric Boyce, CFA discusses:
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stocks outperform the economic surprise index; valuations high, but earnings growth leading to increased capital spending expectations and share repurchase
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individual ownership of stocks increasing, helping to contribute to bouts of volatility
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stock and bond correlations very high, making it more challenging to diversify between traditional approaches
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interesting trends in hybrid working environments
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housing optimism remains low; renters spend less than owners on housing; sale inventory increasing, but there still dislocations - prices higher but more discounting; also drop in pending sales
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GDP revisions from the first quarter - consumer spending and inventory growth less robust

By Eric Boyce
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April 13, 2026
This week, CEO Eric Boyce, CFA discusses: 1. final 4Q GDP revision reflects weaker year-end environment. First quarter estimates are trending down, reflecting pressure from geopolitics 2. personal income trending lower, although credit outstanding remains flat 3. PCE prices are elevated, primarily from goods prices - housing continuing to drop 4. energy market impacts from Iran conflict - disproportionate impact on lower income, Asia energy markets 5. forward looking equity returns look to be more limited, following three years of above average returns - private investments will likely play a greater role going forward 6. still a considerable gap on individuals with retirement plans, even at the higher income levels 7. earnings estimates moving higher, especially for tech firms; accordingly, tech P/E multiples back down to overall index average




