Daily Index Insights offers a concise two-minute read on the latest news and trends in index markets. This resource includes performance data from S&P Dow Jones Indices across equities, fixed income, multi-asset, commodities, and factors. Our daily insights are designed to provide you with a comprehensive understanding of market movements, empowering you to make informed decisions based on the most current indices data and analysis.
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“There is no limit to beauty, no saturation point in design, no end to the material.”
Salvatore Ferragamo (June 5, 1898 – August 7, 1960)
Happy Birthday to the father of Keynesian economics, born 142 years ago today. Famous for his influence in macroeconomics and ‘The General Theory of Employment’, Keynes was also a great stock market investor, as his record as the manager of King’s College Cambridge’s investment portfolio attests. Always in demand and supply, here is your daily dashboard.
- The S&P 500® was little changed as the U.S. bellwether closed up a fraction of an index point. Communication Services, up 1.4%, was given a fillip by sector heavyweight Meta’s 3.2% jump while Energy, down 1.9%, was driven lower by oil’s drop on the back of Saudi Arabia pressing OPEC to raise oil supplies by over 400,000 barrels per day.
- While weaker than expected ADP employment numbers showing a net private sector payroll increase of just 37k in May vs. 114k consensus forecast didn’t make a dent in the stock market, the bond market immediately moved to price an economic slowdown: yields dropped across the curve, with the 10-year yield down by 10 basis points, the most in a single trading day since early April.
- We've been writing about the impressive performance of S&P 500 Momentum lately; now let’s take a look at how Momentum performed internationally. Over the past year, S&P 500 Momentum’s 17% outperformance vs. its parent index is matched only by S&P Momentum Europe LargeMidCap, but Momentum outperformed in every developed market, even if by a lesser margin. In most emerging markets, however, Momentum strategies lagged their respective parent indices, with the underperformance the most pronounced in China, where the S&P China A-Share Short-Term Momentum trailed its parent index by 25% over the past 12 months.
- Pure Growth was runner-up behind Momentum among our S&P 500-based factor indices over the past 12 months with a 24% gain while its counterpart, Pure Value, lagged with a return of 10% vs. 14% for the benchmark. Pure Growth didn’t do nearly as well in the mid cap space, where it gained just 1% vs. 5% for the S&P MidCap 400®.
