DC Lite #409

1. Housing affordability. "A 20% down payment on a single-family home now represents a whopping 100% of annual household income."

2. Labor market differential. "The Conference Board's labor-market differential (the share of respondents who say jobs are plentiful less those who say they're hard to get) declined again in July to a new cycle low (and a level last seen in early 2017)."

3. MMFs vs. SPX. "A lot is made of the 'cash on the sidelines' story when observing assets in money market funds; however, as a share of total equity market value, it’s significantly more subdued."

4. US trading vs. overnight trading. "Most of the post Liberation Day gains in the S&P 500 have occurred in US trading hours suggesting a predominantly domestic buy-in to the US story while the RoW sits more on the sidelines."

5. Corporate momentum. "Corporate Activities [are] firming up: S&P 500 revenue per employee hits new highs; Capex to sales is rising across sectors and leverage is at its lowest since 2014; Buybacks are up 16%, and dividends up 6% over 12 months; M&A and IPO value up +23% over last 12 months."

ICYMI