Market Minutes - July 24, 2023

This week, CEO Eric Boyce, CFA discusses: 1. economic growth estimates for 3rd quarter imply strong ~6% expansion at this time, driven in large part by technology and AI 2. services and manufacturing economies are in solid shape. 3. AI-related capital spending providing economic boost, with some risk. Resulting free cash flow growth expected in 1-3 years 4. labor market reasonable on its face, as internals show interesting data trends. Recent downward revisions, labor participation and hourly earnings are dropping, more growth in part-time work, higher unemployment trends from college graduates 5. equity markets driven by strong earnings, enthusiasm; risk that sentiment could interrupt high valuations 6. high concentration of S&P 500 in the top 10 companies in the index - margin improvement benign outside of this group

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