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Market exuberance

Corporate earnings published during the week where mixed. Soft top lines and good bottom lines have been the norm, which imply a certain level of adjustments. The surprise was Meta, that reported good results but more importantly, declared its first dividend. The stock surged 20% yesterday, becoming the biggest one day market cap gain in history. As you can see below Meta added $205Bn. But that’s not all. YTD the stock is up 37%, and the #magnificent7 have added a combined $3Tn in market cap in 2024. The only other statistic that is growing that fast is the US National debt. The breadth of the market continues to be poor and extremely dependent on a handful of stocks, and passive strategies and trackers amplify this movement. Technicals keep departing from fundamentals, and that usually doesn’t end well.


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