Earnings estimates for #sp500 $spx in 2024 have been flat and have not improved. The entire rally has been based on multiple expansion. Earnings typically trend with inflation expectations. It's not a better fundamental outlook. In fact, GDPNow sees 1.3% real growth in 4Q and… pic.twitter.com/oMAYwROXpC
— Michael J. Kramer (@MichaelMOTTCM) December 7, 2023
The MBA Mortgage Market Index reached its highest since September after 5 straight weekly increases but remains near 25-year lows. pic.twitter.com/qLnTTyINXj
— Daily Chartbook (@dailychartbook) December 7, 2023