Outsized Big Five
In “Outsized Big Five” Ingham Analytics examines the phenomenon, not of Kruger Park animals, but of the large tech stocks in the US that have been the driver of the top US equity indices this year. The equity markets in the US hit an all-time high in the early part of September, defying COVID-19 gloom. But the US may face a similar shock to GDP as other advanced countries, it may even be larger, yet the leading US equity indices don’t show that. Why? The bear market of March was unusual – and short-lived. Equity and debt markets are linked so herein lies a clue.
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