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10 Things You Should Know This Week

Week of 11/27/22


Houston, we have a problem For the fourth quarter of 2022, twice as many S&P 500 Index1 companies have issued negative earnings guidance than positive earnings guidance. (Source: FactSet) 


A silver lining  Despite $446 billion being pulled from US fixed-income funds YTD, $154 billion has flowed into bond exchange-traded funds (ETFs) as investors become more accepting of ETFs. (Source: ICI as of 10/16/22)


Feeling topsy turvy – Historically, when inflation begins to subside but is still above trend (e.g., when core CPI, which excludes food and energy prices, registers above 3%), small-cap stocks outperform large caps, value stocks outperform growth stocks, and international stocks outperform domestic stocks.2 (Sources: FRED, Compustat. Calculations: Hartford Equity Modeling Platform for performance) 


Waiting with bated breath – The UK was back in the headlines last week with a renewed budget plan that, counter to the ill-fated “Trussonomics” plan that spooked investors, features immediate tax hikes and plans for spending cuts in a bid to restore Britain’s fiscal reputation. (Source: Reuters) 


Can’t stop, won’t stop – Despite 40-year highs in inflation readings, the US consumer has remained resilient: Retail sales grew 1.3% in October. Consumer spending accounts for roughly two-thirds of US economic growth. (Source: Bloomberg) 


At least the kids are staying off your lawn – One estimate says that 27% of youth aged 18 to 29 cast ballots in this year’s midterms—the second-highest youth turnout in nearly three decades. But county-level data also showed that turnout in the oldest counties surged while it declined in the youngest counties. (Source: FiveThirtyEight) 


Leaving time for that early bird special – People age 50 and older make up almost one-third of all trips to the movies in the US, seeing an average of 6.8 movies per year…but 70% of the time they enjoy 7 p.m. or earlier showings. (Source: Gobankingrates) 


Not just for the youths – In a growing trend, it's now reported that 10% of US adults get their news from TikTok, up from 3% in 2020. For now, Twitter, Facebook, and Reddit still reign supreme when it comes to catching up on the headlines. (Source: Pew Research Center) 


Taking the low road – The Mississippi River, the main avenue for grain exports from the US, is so low due to drought that barges are getting stuck and US exporters are looking for alternate modes of transportation. Not surprisingly, the alternatives cost much more … which will continue to feed food inflation. (Source: Bloomberg) 


Talk about a moon shot – For the first time since 1972, NASA has set its sights on sending humans to the moon. The Artemis project kicked off in November with a test drive by an unmanned Orion capsule before the first planned astronaut mission in 2024. (Source: New York Times)  


Past performance does not guarantee future results.

1 S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

2 Indices represented by:

Small-cap value stocks are represented by the top 30% of the US universe of small-cap stocks, as identified by stocks between the 85th and 98th percentile of market cap, based on composite value as defined by multiple equally weighted valuation metrics.

Small-cap growth stocks are represented by the bottom 30% of small-cap stocks based on composite value.

Large-cap value stocks are represented by the top 30% of the top 1000 US stocks based on a value score that equally weights multiple valuation metrics to arrive at an aggregated valuation metric.

Large-cap growth stocks are represented by the bottom 30% of the top US 1000 stocks based on a value score that equally weights multiple valuation metrics to arrive at an aggregated valuation metric 

Domestic stocks are represented by the S&P 500 Index.

International stocks are represented by the MSCI World ex USA Index, a free float-adjusted market-capitalization index that captures large- and mid-cap representation across developed-markets countries excluding the United States. MSCI performance is shown net of dividend withholding tax.

This material is provided for educational purposes only.

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