The market is weird. The average stock has fallen seven weeks in a row. Stocks have rarely moved less with each other, or more with bonds. Whole sectors look like they have no market exposure at all. The economy looks strong on paper but doesn’t feel that way to consumers. Households are squeezed, and the one part that’s booming feels like a threat. Is it good if the price of your product keeps falling?
1. The equal-weight S&P 500 has fallen seven weeks in a row, tying its 2022 record, and is near an all-time low relative to the cap-weighted index:
Source: The Daily Chartbook on 9/30/2026
2. Since at least 2011, stocks have never moved less with each other, or more with long-term Treasuries:
Source: @alpha_ex_llc
3. Energy, low volatility and healthcare stocks now move inversely to the S&P 500, as if they had no market exposure at all:
Source: Todd Sohn, Strategas via the Daily Chartbook on 8/19/2026
4. No one wants defensive stocks. Consumer staples and utilities are at multi-year lows relative to the S&P 500:
Source: JC Parets, TrendLabs via the Daily Chartbook on 9/26/2026
5. Consumer confidence fell in September to its lowest level in at least five years, while the share of consumers saying jobs are hard to get topped 20%:
Source: Bloomberg Evening Briefing
6. Mortgage rates and diesel prices are rising at the same time, the misery index for our time:
Source:
7. Households no longer expect rates to fall, which may change how they approach big purchases:
Source: @samueltombs via the Daily Chartbook on 8/14/2026
8. Relative to the number of households, home sales are near levels last seen following the 2008 housing crisis:
Source:
9. Data centers really are the only game in town:
Source: Chartbook a newsletter from Adam Tooze
10. In about five years, the cost of AI has fallen nearly a million-fold:
Source: Epoch AI via the Daily Chartbook on 9/23/2026
11. Is it a good business if customers are paying less to use more of your product?
Source: @arakharazian via the Daily Chartbook on 10/1/2026
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