Stock Market Briefing: Daily Indexes

Stock Market Briefing: Daily Indexes September 18, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents Daily Indexes 1-3 S&P 5 Sectors 4 S&P 4 Sectors 5 S&P 6 Sectors 6 S&P 15 Sectors 7 S&P 15/5/4/6 YTD Performance 8 S&P 5 Sector Price Indexes 9-14 September 18, 218 / Daily Indexes www.

3 29 Figure 1. S&P 5 INDEX Daily Indexes 3 29 28 28 27 27 26 26 25 25 24 24 23 23 22 22 21 21 2 2 19 19 18 17 214 215 216 217 218 Note: Dotted lines show previous years closing prices. 18 17 3 Figure 2. S&P 5 INDEX & TRUMP S TARIFFS ANNOUNCEMENTS 3 29 Tariffs on China Threatened 3/22 Xi s Speech 4/1 Tariffs Imposed on China Tariffs on 7/6 China Threatened 6/15 29 28 28 27 26 Washing Machine & Solar Panel Tariff 1/22 Aluminum & Steel Tariff Threatened 3/1 Aluminum & Steel Tariffs Imposed 5/31 27 26 25 Jan Feb Mar Apr May Jun Jul Aug Sep 218 25 Page 1 / September 18, 218 / Daily Indexes www.

325 3 275 25 Figure 3. Daily Indexes S&P 5 BULL & BEAR MARKETS & CORRECTIONS: 28-218 (ratio scale) 325 3 275 25 225 225 2 2 175 175 15 125 2-day moving average 15 125 1 1 75 75 5-56.8% (517) -16.% (7) -19.4% (157) -9.8% (28) -9.9% (6) -7.7% -5.8% (62) (34) -5.8% (19) 28 29 21 211 212 213 214 215 216 217 218 219-7.4% (28) -12.4%-13.3% (96) (1) -1.2% (13) Note: Corrections are declines of 1% or more, while minor ones are 5%-1% (all in blue shades). Bear markets are declines of 2% or more (in red shades). Number of calendar days in parentheses. 5 45 4 Figure 4. S&P 5 SECTORS PERFORMANCE: 218 (percent change ytd) 45 4 35 3 25 2 S&P 5 Sectors S&P 5 Index (8.6) Consumer Discretionary (18.2) Consumer Staples (-4.7) Energy (3.2) Financials (.7) Health Care (13.) Information Technology (17.7) Materials (-1.6) Industrials Real Estate (1.1) Telecom Services (-4.4) Utilities (2.3) 35 3 25 2 15 15 1 1 5 5-5 -5-1 -15 Latest data thru: /18 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 218-1 -15 Page 2 / September 18, 218 / Daily Indexes www.

335 295 255 Figure 5. S&P 5/4/6 STOCK PRICE INDEXES (daily, ratio scale) Daily Indexes 335 295 255 215 215 175 175 135 135 95 95 55 55 S&P Stock Price Indexes S&P 5 LargeCap (294.31) S&P 4 MidCap (236.73) S&P 6 SmallCap (178.) 15 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 15.4 Figure 6. S&P 6 (as a ratio of S&P 5).4.3.3.2.2.1.8.7 S&P 4 (as a ratio of S&P 5).1.8.7.6.6.5.5.4.4.3.2 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219.3.2 Page 3 / September 18, 218 / Daily Indexes www.

S&P 5 Sectors 1 95 9 85 8 75 7 65 6 55 5 Figure 7. CONSUMER DISCRETIONARY S&P 5 Sector Price Indexes 215 216 217 218 219 INDUSTRIALS 215 216 217 218 219 8 7 6 5 4 65 6 CONSUMER STAPLES INFORMATION TECHNOLOGY 14 12 55 1 5 8 45 215 216 217 218 219 215 216 217 218 219 6 725 65 575 5 ENERGY MATERIALS 45 4 35 3 425 25 35 215 216 217 218 219 215 216 217 218 219 2 6 55 5 45 4 35 3 25 FINANCIALS 215 216 217 218 219 TELECOMMUNICATION SERVICES 215 216 217 218 219 225 2 175 15 125 115 11 15 1 95 9 85 8 75 7 HEALTH CARE 215 216 217 218 219 UTILITIES 215 216 217 218 219 3 275 25 225 2 Source: Standard & Poor s and Haver Analytics. Page 4 / September 18, 218 / Daily Indexes www.

S&P 4 Sectors 95 9 85 8 75 7 65 6 55 5 Figure 8. CONSUMER DISCRETIONARY S&P 4 Sector Price Indexes 215 216 217 218 219 INDUSTRIALS 215 216 217 218 219 12 11 1 9 8 7 6 5 2 18 16 14 12 CONSUMER STAPLES 215 216 217 218 219 INFORMATION TECHNOLOGY 215 216 217 218 219 28 26 24 22 2 18 16 14 12 95 85 75 65 55 45 35 25 ENERGY 215 216 217 218 219 MATERIALS 215 216 217 218 219 65 55 45 35 25 12 1125 15 975 9 825 75 675 6 FINANCIALS 215 216 217 218 219 TELECOMMUNICATION SERVICES 215 216 217 218 219 35 325 3 275 25 225 2 175 15 125 1 22 2 18 16 14 12 1 HEALTH CARE 215 216 217 218 219 UTILITIES 215 216 217 218 219 6 575 55 525 5 475 45 425 4 375 35 Source: Haver Analytics and Standard & Poor s. Page 5 / September 18, 218 / Daily Indexes www.

S&P 6 Sectors 7 65 6 55 5 45 4 35 Figure 9. CONSUMER DISCRETIONARY S&P 6 Sector Price Indexes 215 216 217 218 219 INDUSTRIALS 215 216 217 218 219 14 12 1 8 6 22 2 CONSUMER STAPLES INFORMATION TECHNOLOGY 8 18 16 6 14 12 215 216 217 218 219 215 216 217 218 219 4 16 14 12 1 8 6 4 2 ENERGY 215 216 217 218 219 MATERIALS 215 216 217 218 219 65 6 55 5 45 4 35 3 25 1225 1125 FINANCIALS TELECOMMUNICATION SERVICES 3.5 125 3. 925 825 2.5 725 625 215 216 217 218 219 215 216 217 218 219 2. 36 34 32 3 28 26 24 22 2 18 16 14 12 HEALTH CARE 215 216 217 218 219 UTILITIES 215 216 217 218 219 115 15 95 85 75 65 55 Source: Haver Analytics and Standard & Poor s. Page 6 / September 18, 218 / Daily Indexes www.

S&P 15 Sectors 95 9 85 8 75 7 65 6 55 5 Figure 1. CONSUMER DISCRETIONARY S&P 15 sector price indexes 215 216 217 218 219 INDUSTRIALS 215 216 217 218 219 775 725 675 625 575 525 475 425 675 625 575 525 475 CONSUMER STAPLES 215 216 217 218 219 INFORMATION TECHNOLOGY 215 216 217 218 219 145 135 125 115 15 95 85 75 65 8 725 ENERGY MATERIALS 525 65 575 425 5 325 425 35 215 216 217 218 219 215 216 217 218 219 225 575 525 475 FINANCIALS TELECOMMUNICATION SERVICES 225 2 425 175 375 325 15 275 215 216 217 218 219 215 216 217 218 219 125 12 115 11 15 1 95 9 85 8 75 7 HEALTH CARE 215 216 217 218 219 UTILITIES 215 216 217 218 219 35 325 3 275 25 225 Source: Haver Analytics and Standard & Poor s. Page 7 / September 18, 218 / Daily Indexes www.

S&P 15/5/4/6 YTD Performance 6 Figure 11. S&P 15 6 S&P 5 LargeCap 6 S&P 4 MidCap 6 S&P 6 SmallCap 4 4 4 4 All Sectors 2 8.7 2 8.6 2 7.2 2 15.1-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Consumer Discretionary 2 16.8 2 18.2 2.7 2 14.9-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Consumer Staples 2-4.2 2-4.7 2 2.3 2 11.9-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Energy 2 3.8 2 3.2 2 14.2 2 2.9-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Financials 2 1. 2.7 2.4 2 9.7-2 6 218-2 6 218-2 6 218-2 6 218 Health Care 4 2 14.6 4 2 13. 4 2 31. 4 2 43.8-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Industrials 2 5.4 2 4.7 2 5.1 2 16. -2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Information Technology 2 17.4 2 17.7 2 14.3 2 12.5-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Materials 2 -.9 2-1.6 2 -.3 2 7.8-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Telecom Services 2-3.9 2-4.4 2 9.9 2 22.5-2 6 218-2 6 218-2 6 218-2 6 218 4 4 4 4 Utilities 2 3. 2 2.3 2 6.9 2 5.4-2 218-2 218-2 218-2 218 Page 8 / September 18, 218 / Daily Indexes www.

95 9 85 8 75 7 65 6 55 5 45 4 35 S&P 5 Sector Price Indexes Figure 12. CONSUMER DISCRETIONARY S&P 4 S&P 5 S&P 6 215 216 217 218 219 95 9 85 8 75 7 65 6 55 5 45 4 35 22 2 18 Figure 13. CONSUMER STAPLES S&P 4 22 2 18 16 16 14 S&P 6 14 12 12 1 1 8 S&P 5 8 6 4 215 216 217 218 219 6 4 Page 9 / September 18, 218 / Daily Indexes www.

S&P 5 Sector Price Indexes 13 12 Figure 14. ENERGY 13 12 11 11 1 S&P 6 1 9 9 8 S&P 4 8 7 7 6 5 S&P 5 6 5 4 4 3 215 216 217 218 219 3 125 115 Figure 15. FINANCIALS S&P 6 125 115 15 15 95 95 85 S&P 4 85 75 75 65 65 55 S&P 5 55 45 45 35 35 25 215 216 217 218 219 25 Page 1 / September 18, 218 / Daily Indexes www.

S&P 5 Sector Price Indexes 35 33 Figure 16. HEALTH CARE 35 33 31 31 29 29 27 25 S&P 6 27 25 23 23 21 21 19 S&P 4 19 17 17 15 15 13 11 S&P 5 13 11 9 7 215 216 217 218 219 9 7 14 Figure 17. INDUSTRIALS 14 12 12 1 S&P 6 1 8 S&P 4 8 6 6 4 S&P 5 215 216 217 218 219 4 Page 11 / September 18, 218 / Daily Indexes www.

27 25 23 21 19 17 15 13 11 9 7 5 3 S&P 5 Sector Price Indexes Figure 18. INFORMATION TECHNOLOGY S&P 4 S&P 5 S&P 6 215 216 217 218 219 27 25 23 21 19 17 15 13 11 9 7 5 3 65 6 55 Figure 19. MATERIALS S&P 6 65 6 55 5 5 45 45 4 35 S&P 4 4 35 3 25 S&P 5 3 25 2 215 216 217 218 219 2 Page 12 / September 18, 218 / Daily Indexes www.

4 35 3 S&P 5 Sector Price Indexes Figure 2. TELECOMMUNICATION SERVICES S&P 4 4 35 3 25 25 2 2 15 S&P 5 15 1 1 5 S&P 6 215 216 217 218 219 5 12 Figure 21. UTILITIES 12 1 S&P 6 1 8 8 6 S&P 4 6 4 2 S&P 5 215 216 217 218 219 4 2 Page 13 / September 18, 218 / Daily Indexes www.

S&P 5 Sector Price Indexes.7 Figure 22. S&P 5 GROWTH vs VALUE RELATIVE TO S&P 5.7.65.65.6 Relative to S&P 5* Growth Value.6.55.55.5.5.45.45.4.4.35 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2.35 * Rising (falling) line indicates that the index is outperforming (underperforming) the S&P 5. Source: Standard & Poor s and Haver Analytics. 5 4 Figure 23. S&P 5 GROWTH vs VALUE STOCK GROWTH RATES SPREAD (yearly percent change spread, basis points) 5 4 3 3 2 S&P 5 Growth Outperforms S&P 5 Value latest (13.6) 2 1 9/14 1-1 -1-2 S&P 5 Growth Underperforms S&P 5 Value -2-3 -3-4 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 Source: Standard & Poor s and Haver Analytics. -4 Page 14 / September 18, 218 / Daily Indexes www.

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