Chart of the Week
Valuations keep climbing, with several measures hitting new highs (chart above). By late November, the S&P 500 was only 0.6% below its October record, and its P/E based on total earnings reached...
Chart of the Week
A widening unemployment gap is typically disinflationary. While tariff passthrough may add some upward pressure on prices, the recent slowdown in job growth and rise in unemployment to 4.4% suggest...
See the Signals
In this episode, NDR's Chief Economist Alejandra Grindal discusses how she monitored global economic activity while data was sparce. Although there was a fair share of public and private data...
See the Signals
In this episode, NDR's Chief Economist Alejandra Grindal discusses the states of the global economy. Most of the world’s major economies have shown signs of slowing, as tariff risk remains the...
Chart of the Week
Major benchmarks have been hitting records thanks to market-cap heavyweights like Nvidia, Oracle, and other tech giants, but most stocks remain well below their highs. Of the 1,300+ stocks in the...
In the News
In the latest episode of the Excess Returns podcast, Chief Global Investment Strategist Tim Hayes walks us through Ned Davis Research’s “360°” weight-of-the-evidence framework—a disciplined approach...
Chart of the Week
After tariff-driven pessimism in early April, sentiment rebounded with the market. The NDR Daily Trading Sentiment Composite jumped from 4.4 on April 8 to excessive optimism by May 14. Still,...
See the Signals
In this episode, NDR's Chief Economist Alejandra Grindal discusses how macroeconomic conditions impact equity markets. The U.S. typically performs best when economic growth is above potential with...
Chart of the Week
Housing has been one of the weakest parts of the economy under tight monetary policy, contracting in seven of eight quarters from mid-2021 through early 2023 and resuming its drag in four of the past...
Chart of the Week
Most long-term stock trend charts suggest equities are overvalued, though total return measures paint a less extreme picture. Housing and the U.S. Dollar also appear overvalued, while gold is nearing...
