‘Remarkably Resilient’ US Equities Add Nearly $12,000,000,000,000 in Market Cap Since March Bottom
US equities are displaying outstanding resilience and regular upward momentum regardless of surrounding uncertainties.
The S&P 500 (SPX) completes 22 consecutive periods and not using a drop of 1% or extra, reports The Kobeissi Letter.
“The energy of this market is unprecedented.”
Volatility stays tightly contained with the VIX closing at or under 16 for 18 straight days.
Friday’s VIX studying hit 14.4, about 20% underneath its one-year common close to 18.
In the meantime, the market capitalization of the benchmark index has climbed by almost $12 trillion from the March low and now sits simply 1.5% shy of record-high territory.
“US shares have been remarkably resilient.”
The information comes as Large Tech dominates the most recent earnings season.
“The S&P 500’s complete market cap has surged +$1.75 trillion since Q2 earnings season started on July thirteenth.
The Know-how sector alone accounts for +$1.39 trillion of that acquire, or ~79% of the overall. Inside tech, Microsoft (MSFT) and Nvidia (NVDA) added a mixed +$1.42 trillion in market cap over this era.
In contrast, the opposite 71 shares within the sector misplaced a mixed -$22.3 billion.
Healthcare added +$345.2 billion in worth, adopted by Financials at +$192.7 billion and Power at +$174.7 billion.
Alternatively, Communication Providers misplaced -$299.6 billion, adopted by Utilities at -$88.5 billion and Industrials at -$67.3 billion.
Large Tech has by no means been larger.”
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