DC Lite #376

"Strategist downgrades put us in the neighborhood of a sustainable bottom"

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Daily Chartbook
June 03, 2025

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Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. JOLTS. Job openings rose unexpectedly in April. Rates ticked up for hires and layoffs & discharges, and ticked down for quits. Overall the report is consistent with a slow-to-hire, slow-to-fire environment.

2. Silver vs. gold. "In terms of relative value, silver is looking extremely cheap vs gold."

3. Weekly ETF flows. "Flows out of U.S. equity ETFs strengthened last week, with small caps seeing most outflows ... interest in government bonds also down sharply while global equity funds saw most inflows."

4. Strategists targets. "Strategist downgrades put us in the neighborhood of a sustainable bottom. This sentiment backdrop—alongside a Fed easing cycle—requires a high bar to underweight equities."

5. EPS estimates. "If you squint and look closely, for the first time since the beginning of the year, 2026 EPS estimates were revised slightly higher for the S&P 500 last week."

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ICYMI

DC Lite #375

"Despite last week’s significant buying in tech HF exposure to Mag 7 remains at 5+ year lows"

www.dailychartbook.com/p/dc-lite-375

DC Lite #374

Stocks posted their largest May gain since 1990

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DC Lite #373

"Global economic surprise indexes that measure incoming economic data against consensus forecasts are at their highest levels in a year"

www.dailychartbook.com/p/dc-lite-373

DC Lite #372

"US Pensions are modeled to SELL $19bn of US equities for month-end"

www.dailychartbook.com/p/dc-lite-372

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