Charts & Chat - November 23, 2025

This week, CEO Eric Boyce, CFA discusses:

1. sales growth heading into holiday shopping season; economic indicators looking at +4% annual economic growth coming out of the 3rd quarter

2. factory orders positive but not "strong"; labor market weakness outside of leisure, hospitality, education and healthcare 

3. new home prices now below existing home prices due to inventory shortages, high % of mortgages still below 4%, builder incentives

4. financial conditions "looser"; Philly Fed/Kansas City Fed report softer new orders, but perhaps some optimism on the margin 

5. delinquency rates picking up in commercial office, as vacancies continue to rise

6. consumer credit indicators holding somewhat steady, except for credit card delinquencies

7. market correction underway in tech stocks; overall volatility is back on the table (especially for many of the Mag 7 and bitcoin)

8. consumer discretionary outperforming staples; equal weighted S&P 500 at a historic lag to capitalization weights 

9. cattle, cotton, cocoa prices in decline. offset by corn, soybeans