Charts & Chat - March 10, 2024
Eric Boyce • March 10, 2024
This week, CEO Eric Boyce, CFA discusses: 1. equity sentiment and fund flows remain positive, even if valuations are getting stretched. 2. Clear disconnect between Mag 7 and rest of the market in terms of value, contribution to earnings, etc.; small-mid caps more attractive 3. Fixed Income - credit quality, optimism on high yield remains strong, munis overvalued relative to treasuries 4. Service inflation, input prices, new orders all look better. Services PMI remains +50. 5. revolving credit, credit card balances, interest rates and delinquencies all increasing - not at alarm stages...yet. 6. labor market trends remains strong, real earnings remain positive 7. BENEFITS OF SAVING EARLY - chart

By Eric Boyce
•
March 9, 2026
This week, CEO Eric Boyce, CFA discusses: 1. surprising weak job report; weaker healthcare employment, lower participation, manufacturing employment, productivity higher, unit labor costs in check 2. ISM services sector looking better - orders, employment, order backlog - although Fed's survey of conditions remains sluggish 3. metals prices higher - possible rotation from resources consuming areas of the market (tech) to resources producing (energy, materials) 4. energy price impact of Iran conflict - supply constraints from Strait of Hormuz, shipping prices, higher gasoline prices and low strategic oil reserves 5. potential oil price shocks on inflation and economic growth 6. yield curve shifts up last week, decreased probabilities of short term rate changes - conundrum of lower employment coupled with higher possible inflation




