Charts & Chat - June 2, 2024

stocks outperform the economic surprise index; valuations high, but earnings growth leading to increased capital spending expectations and share repurchase

individual ownership of stocks increasing, helping to contribute to bouts of volatility

stock and bond correlations very high, making it more challenging to diversify between traditional approaches

interesting trends in hybrid working environments

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

GDP revisions from the first quarter - consumer spending and inventory growth less robust