5 charts from the past week that tell an interesting story in markets and investing…
1. $7 Trillion and Counting
The Fed’s balance sheet moved above $7 trillion this week for the first time, with $2.9 trillion in asset purchased in just the last 3 months.

In 2008, the Fed increased its assets by over 151%. A similar % increase this year would bring the Fed’s balance sheet above $10 trillion.

2. Growth > Value
The ratio of Growth stocks to Value stocks is at its highest level since October 2000.

3. Big Tech: 2008 vs. 2020

Nasdaq 100 is on pace for its 12th consecutive year of gains…
Nasdaq 100, total returns…
β Charlie Bilello (@charliebilello) May 20, 2020
2009: +55%
2010: +20%
2011: +4%
2012: +18%
2013: +37%
2014: +19%
2015: +10%
2016: +7%
2017: +33%
2018: +0.04%
2019: +39%
2020 YTD: +9%$NDX
4. Earnings Collapse
With 90% of companies reported, S&P 500 Q1 GAAP earnings are down 64% year-over-year.

This will be the lowest quarterly earnings for the S&P 500 since Q1 2009.

S&P 500 operating profit margins moved down to 6.0% in the 1st quarter, lowest since Q1 2009.

The number of COVID-19 Hospitalizations in New York has declined 38 days in a row. π

And thatβs it for this week. Thanks for reading.
Have a great long weekend everyone!
-Charlie
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