Is the tide turning on US stocks?

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Headline market returns have been stellar, but beneath the surface things are far less positive

The writer is an FT contributing editor The rise and rise of the S&P 500 has accompanied exceptional US economic growth. It’s tempting to see it as an expression of that. But is the tide turning? Index price falls over recent days may turn out to be just a minor correction. But under the bonnet, the rest of the market has looked less stellar for some time.

More labour-intensive companies carrying debt — which equal-weighted indices better represent — get squeezed not only by higher input costs but also by the policy remedy to them. Monetary policy works by hurting. Weakening fundamentals across indebted businesses should show up in corporate bond markets. But credit spreads have continued to narrow across almost all broad tranches of credit quality.

 

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