Quick Take Despite rising interest rates and fixed-income yields, equities have traded higher this year. However, the sustainability of this trend will be tested as the promise of future solid earnings growth is challenged going forward. The Nasdaq is up 35%, and the S&P 500 (SPX) is up 12% yearly. The focus of equities has shifted from buzzwords like “crypto” and “metaverse” to “AI.” According to MacroScope, “Six of the top tech companies with a combined market cap of $8.4 trillion or 23% of the S&P 500 trade on price-to-earnings (PE) ratios between 29 (Apple) and 66 (Tesla)”. MacroScope believes this enthusiasm for tech will eventually fade, as it has in the past. Equities: (Source: MacroScope) Equities: (Source: TV)

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