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Market Briefing:Daily Markets Overview
Yardeni Research, Inc.
September 25, 2017
Dr. Edward Yardeni516-972-7683
Joe Abbott732-497-5306
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
September 25, 2017 / Daily Markets Overview www.yardeni.com
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S&P 500 Index & Sectors 1P/Es & VIX 2Bonds 3Yield Curve 4High Yield Bonds 5Dollar & Commodities 6CESI 7S&P 500 Equal-Weighted vs. Cap-Weighted 8S&P 500 Sectors 9S&P 400 Sectors 10S&P 600 Sectors 11S&P 1500 Sectors 12S&P 1500/500/400/600 YTD Performance 13S&P 500 Sector Price Indexes 14-18
2014 2015 2016 20171740
1780
1820
1860
1900
1940
1980
2020
2060
2100
2140
2180
2220
2260
2300
2340
2380
2420
2460
2500
2540
1740
1780
1820
1860
1900
1940
1980
2020
2060
2100
2140
2180
2220
2260
2300
2340
2380
2420
2460
2500
2540
9/25S&P 500 INDEX
Source: Standard & Poor’s.Note: Dotted lines show previous years’ closing prices.
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Figure 1.
1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 29 30-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
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-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
11
12
13S&P SECTORS PERFORMANCE: SEPTEMBER 2017 MONTH-TO-DATE(percent change from last trading day of August)
September 2017S&P 500 Index (1.0)Consumer Discretionary (-0.1)Consumer Staples (-0.4)Energy (9.3)Financials (3.3)Health Care (0.4)Industrials (3.6)Information Technology (-1.8)Materials (3.0)Real Estate (-1.8)Telecom Services (3.9)Utilities (-1.7)
Source: Standard & Poor’s. September 2017 M-T-D
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Figure 2.
S&P 500 Index & Sectors
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99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 186
8
10
12
14
16
18
20
22
24
26
28
6
8
10
12
14
16
18
20
22
24
26
28
9/25
FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES*(daily)
S&P 500 LargeCap (17.6)S&P 400 MidCap (17.8)S&P 600 SmallCap (19.5)
* Daily stock price index divided by 52-week forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S and Standard & Poor’s.
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Figure 3.
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 200
10
20
30
40
50
60
70
80
90
0
10
20
30
40
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60
70
80
90
9/25
VIX: S&P 500
Source: Chicago Board Options Exchange.
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Figure 4.
P/Es & VIX
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2014 2015 2016 2017 2018-.5
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
-.5
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
9/25
9/25
US TREASURY 10-YEAR BOND & TIPS YIELDS(percent, daily)
Source: Federal Reserve Board.
10-Year Treasury
TIPS Yield (0.38)Bond Yield (2.22)
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Figure 5.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018.0
.5
1.0
1.5
2.0
2.5
3.0
.0
.5
1.0
1.5
2.0
2.5
3.0
9/25
EXPECTED INFLATION IN 10-YEAR TIPS*(percent, daily) Expected Inflation (1.84)
* Nominal minus TIPS yield.Source: Federal Reserve Board.
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Figure 6.
Bonds
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2014 2015 2016 2017 2018-.2
.0
.2
.4
.6
.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
-.2
.0
.2
.4
.6
.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
9/27
9/25
US TREASURY 10-YEAR BOND YIELD & FED FUNDS RATE(percent)
10-Year Bond Yield (2.07)
Fed Funds Rate (1.13)
Source: Federal Reserve Board.
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Figure 7.
2014 2015 2016 2017 201875
100
125
150
175
200
225
250
275
300
325
75
100
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YIELD CURVE*(basis points)
* US Treasury 10-year bond yield less federal funds rate.Source: Federal Reserve Board.
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Figure 8.
Yield Curve
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Yardeni Research, Inc.
2014 2015 2016 2017 20185
6
7
8
9
10
11
5
6
7
8
9
10
11
9/25
US HIGH-YIELD CORPORATE YIELD(percent)
Source: Bank of America Merrill Lynch and Federal Reserve Board.
yard
eni.
com
Figure 9.
2014 2015 2016 2017 2018250
300
350
400
450
500
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600
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800
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900
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9/25
YIELD SPREAD: US HIGH-YIELD CORPORATE LESS US TREASURY 10-YEAR BOND(basis points, daily)
Spread (331)
* US high-yield corporate less 10-Year Treasury.Source: Bank of America Merrill Lynch and Federal Reserve Board.
yard
eni.
com
Figure 10.
High Yield Bonds
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Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 2085
90
95
100
105
110
115
120
125
130
135
85
90
95
100
105
110
115
120
125
130
135
9/25
JP MORGAN TRADE-WEIGHTED DOLLAR INDEX*(2000=100, daily)
Trade-WeightedDollar (115.98)
* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Rep., Denmark, Ecuador, Egypt, Hong Kong, Hungary, India, Indonesia,Israel, Japan, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru, Philippines, Poland, Romania, Russia,Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, UK, Uruguay, US, Venezuela, Vietnam, & Euro Area.Source: JP Morgan.
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Figure 11.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201820
40
60
80
100
120
140
160
200
300
400
500
600
700
9/21
9/21
BRENT CRUDE OIL PRICE & INDUSTRIALS COMMODITY PRICE INDEX
CRB Raw IndustrialsSpot Price Index*
Brent Crude OilFutures Price**(dollars per barrel)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Nearby futures price.
Source: Commodity Research Bureau and Haver Analytics.
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Figure 12.
Dollar & Commodities
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2014 2015 2016 2017 2018-160
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
-160
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
9/25
CITIGROUP ECONOMIC SURPRISE INDEX(percent)
Based on US Dollar (-8.7)
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Source: Citigroup.
Figure 13.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020.35
.40
.45
.50
.55
.60
.65
.70
.35
.40
.45
.50
.55
.60
.65
.70
9/25
9/25
RELATIVE PRICE INDEX: S&P 500 GROWTH & VALUE(relative to S&P 500)
Growth relative to S&P 500Value relative to S&P 500
Rising line indicates thatthe index is outperforming the S&P 500
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Source: Standard & Poor’s and Haver Analytics.
Figure 14.
CESI
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Yardeni Research, Inc.
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20.7
.8
.9
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
.7
.8
.9
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
9/25
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S&P 500 RATIO: EQUAL-WEIGHTED TO MARKET-CAP-WEIGHTED
Source: Haver Analytics and Standard & Poor’s.
Figure 15.
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20200
700
1200
1700
2200
2700
3200
37004200
200
700
1200
1700
2200
2700
3200
37004200
9/25
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S&P 500 STOCK PRICE INDEXES(ratio scale)
Market-cap-weighted S&P 500Equal-weighted S&P 500
Source: Haver Analytics and Standard & Poor’s.
Figure 16.
S&P 500 Equal-Weighted vs. Cap-Weighted
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Figure 17.
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER DISCRETIONARY 9/25
S&P 500 sectorprice indexes
I II III IV I II III IV I II III IV2015 2016 2017
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INDUSTRIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER STAPLES9/25
I II III IV I II III IV I II III IV2015 2016 2017
60065070075080085090095010001050
INFORMATION TECHNOLOGY 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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575
650
725
ENERGY
9/25
I II III IV I II III IV I II III IV2015 2016 2017
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MATERIALS9/25
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FINANCIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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TELECOMMUNICATION SERVICES
9/25
I II III IV I II III IV I II III IV2015 2016 2017
700
750
800
850
900
950
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HEALTH CARE 9/25
Source: Standard & Poor’s and Haver Analytics.
I II III IV I II III IV I II III IV2015 2016 2017
200
225
250
275
300
UTILITIES9/25
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S&P 500 Sectors
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Figure 18.
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER DISCRETIONARY
9/25
S&P 400 sectorprice indexes
I II III IV I II III IV I II III IV2015 2016 2017
5005506006507007508008509009501000
INDUSTRIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER STAPLES
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I II III IV I II III IV I II III IV2015 2016 2017
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INFORMATION TECHNOLOGY9/25
I II III IV I II III IV I II III IV2015 2016 2017
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ENERGY
9/25
I II III IV I II III IV I II III IV2015 2016 2017
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MATERIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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675
750
825
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FINANCIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
125150175200225250275300325350
TELECOMMUNICATION SERVICES
9/25
I II III IV I II III IV I II III IV2015 2016 2017
1000
1100
1200
1300
1400
1500
1600
1700
HEALTH CARE9/25
Source: Haver Analytics and Standard & Poor’s.
I II III IV I II III IV I II III IV2015 2016 2017
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400
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450
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500
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UTILITIES 9/25
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S&P 400 Sectors
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Figure 19.
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER DISCRETIONARY
9/25
S&P 600 sectorprice indexes
I II III IV I II III IV I II III IV2015 2016 2017
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650
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950
1000
INDUSTRIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER STAPLES 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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INFORMATION TECHNOLOGY 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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ENERGY
9/25
I II III IV I II III IV I II III IV2015 2016 2017
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MATERIALS9/25
I II III IV I II III IV I II III IV2015 2016 2017
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FINANCIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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3.0
3.5
TELECOMMUNICATION SERVICES
9/25
I II III IV I II III IV I II III IV2015 2016 2017
1200
1400
1600
1800
2000
2200
HEALTH CARE9/25
Source: Haver Analytics and Standard & Poor’s.
I II III IV I II III IV I II III IV2015 2016 2017
5506006507007508008509009501000
UTILITIES 9/25
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S&P 600 Sectors
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Figure 20.
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER DISCRETIONARY 9/25
S&P 1500 sectorprice indexes
I II III IV I II III IV I II III IV2015 2016 2017
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525
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625
675
INDUSTRIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
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525
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625
CONSUMER STAPLES9/25
I II III IV I II III IV I II III IV2015 2016 2017
650700750800850900950100010501100
INFORMATION TECHNOLOGY 9/25
I II III IV I II III IV I II III IV2015 2016 2017
350
425
500
575
650
725
800
ENERGY
9/25
I II III IV I II III IV I II III IV2015 2016 2017
200
250
300
350
400
MATERIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
275300325350375400425450475500
FINANCIALS 9/25
I II III IV I II III IV I II III IV2015 2016 2017
125
150
175
200
225
TELECOMMUNICATION SERVICES
9/25
I II III IV I II III IV I II III IV2015 2016 2017
700
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950
1000
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HEALTH CARE 9/25
Source: Haver Analytics and Standard & Poor’s.
I II III IV I II III IV I II III IV2015 2016 2017
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UTILITIES9/25
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S&P 1500 Sectors
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
10.9
Figure 21.S&P 1500
All Sectors
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
11.5
S&P 500 LargeCap
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
6.7
S&P 400 MidCap
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
4.7
S&P 600 SmallCap
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
9.3
ConsumerDiscretionary
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
9.9
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
5.4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
3.8
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
4.9
ConsumerStaples
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
5.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-3.9
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
1.7
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-10.0Energy
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-9.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-24.6
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-30.7
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
8.2
Financials
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
9.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
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2.8
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-2.6
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
18.3
Health Care
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
18.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
18.1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
22.6
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
11.7
Industrials
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
12.1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
11.3
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
6.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
22.2
InformationTechnology
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
23.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
15.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
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0102030
9.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
12.7
Materials
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
13.8
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
12.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
.6
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-7.9TelecomServices
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-7.7
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-39.3
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
-.7
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
10.2
Utilities
Source: Standard & Poor’s.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
10.4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
7.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017
-50-40-30-20-10
0102030
15.8
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S&P 1500/500/400/600 YTD Performance
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S&P 500S&P 400S&P 600
Source: Standard & Poor’s.
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Figure 22.
I II III IV I II III IV I II III IV2015 2016 2017
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CONSUMER STAPLES
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S&P 500S&P 400S&P 600
Source: Standard & Poor’s.
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Figure 23.
S&P 500 Sector Price Indexes
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S&P 500S&P 400S&P 600
Source: Standard & Poor’s.
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Figure 24.
I II III IV I II III IV I II III IV2015 2016 2017
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FINANCIALS
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S&P 500S&P 400S&P 600
Source: Standard & Poor’s.
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Figure 25.
S&P 500 Sector Price Indexes
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I II III IV I II III IV I II III IV2015 2016 2017
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S&P 500S&P 400S&P 600
Source: Standard & Poor’s.
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Figure 26.
I II III IV I II III IV I II III IV2015 2016 2017
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Figure 27.
S&P 500 Sector Price Indexes
Page 16 / September 25, 2017 / Daily Markets Overview www.yardeni.com
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I II III IV I II III IV I II III IV2015 2016 2017
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Figure 28.
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Figure 29.
S&P 500 Sector Price Indexes
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Figure 30.
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Figure 31.
S&P 500 Sector Price Indexes
Page 18 / September 25, 2017 / Daily Markets Overview www.yardeni.com
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