While I welcome optimism, it’s premature to declare strong top line S&P 500 performance as the end of economic uncertainty. Tech is the only sector with significant YTD gains: Brent Crude Oil, Regional Banks, Transportation, and Retail are all down YTD.
In the S&P 500, the “Magnificent 7” stocks (NVIDIA, Apple, Google, Microsoft, Meta, Tesla, and Amazon) are responsible for *85%* of YTD gains.
Coatue’s East Meets West macro view from June 30 is the source for the above, and it contains a number of great insights: https://www.coatue.com/blog/company-update/coatues-2023-emw-...