February 20, 2024

The latest data shows that the UK has fallen into a technical recession.

GDP declined by 0.3% in Q4 2023, following a 0.1% contraction in the previous quarter. pic.twitter.com/gmBP0u6min

— Koyfin (@KoyfinCharts) February 15, 2024

🇺🇸The US #economy is in a league of its own pic.twitter.com/VzHZxopm3a

— Gregory Daco (@GregDaco) February 19, 2024

Retail sales control group (which feeds into GDP) dropped by the most in January since March 2023. pic.twitter.com/ZjXVRHwXml

— Kathy Jones (@KathyJones) February 15, 2024

3-month annualized % change in core CPI moved up to +4% in January pic.twitter.com/r2DzJjf0FM

— Liz Ann Sonders (@LizAnnSonders) February 14, 2024

What the CPI means for the Fed:

• A March cut: Already ruled out, even more now.

• Officials who wanted to see signs that disinflation was broadening beyond goods got the opposite of that: goods deflation picked up but services prices accelerated https://t.co/DOJ7w2qsy0 pic.twitter.com/KRe1dZ8OA3

— Nick Timiraos (@NickTimiraos) February 13, 2024

Services continue to be a key driver of inflation at both the consumer and producer level. Services PPI contributed the most to headline PPI since last July. pic.twitter.com/CvMZP1sl4g

— Kathy Jones (@KathyJones) February 16, 2024

Growth sectors have done most of the heavy lifting for the S&P 500 over the last year. Tech, Comm Services, and Discretionary are up an average of 48.3% over the last 12 months vs. 7.1% for the remaining eight sectors. The current spread is near its highest level since 1999. pic.twitter.com/OeumF9wTSf

— Rob Anderson (@_rob_anderson) February 17, 2024

This week’s Weekly Edge is by @jpetersct
He looks at results from 4Q23 earnings season and the setup for 2024

Here is one reason market leadership has been so narrow- it’s because EPS revisions have been narrow!

2024 EPS revisions:
SPX: flat
SPW (equal weight): -5%
Mag7: +20% pic.twitter.com/BWmYvBrhrF

— Cameron Dawson (@CameronDawson) February 17, 2024

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