DC Lite #356

"Funding spreads declined during the recent rally. This suggests macro investors trimmed their equity exposure on the recent strength"

Daily Chartbook
May 05, 2025

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1. Capital spending plans. "Business confidence in particular has collapsed in just the last two months... companies report already pulling back on their capital spending plans."

Goldman Sachs via @gunjanjs

2. Polymarket vs. equity market. "Normally, I would be much more inclined to believe the latter given the depth of the capital at stake, but the chart suggests that betting odds have led stocks this year, not the other way around."

@jlabergebca

3. Main Street Meter. "The Main Street Meter has a strong inverse relationship with future stock market returns. It declined substantially since last year suggesting the bull market has gotten much ‘younger’ and this bull still has potential."

@jimwpaulsen

4. Funding spreads. "Funding spreads declined during the recent rally. This suggests macro investors trimmed their equity exposure on the recent strength."

John Marshall - Goldman Sachs

5. Mag 7 vs. SPX. "The Mag-7’s forward revenues and forward earnings share both are at new record highs of 11.8% and 22.6%."

Yardeni Quick Takes

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