Today's market
Michael P. Reinking, CFA
Sr. Market Strategist
d November 15, 2024 at 7:00 p.m. EDT
Is the honeymoon over already? Last week equity markets rallied sharply following the definitive Trump win. That rally was partially a relief that there was a quick result removing some of the tail risks but there was also hope that the administration would usher in a more business friendly pro-growth environment. We discussed many of the thematic Trump trades that mirrored the reaction function seen in 2016, despite a very different backdrop. There were clear Trump trade winners, but the gains were broad based as money came off the side lines after some de-risking that had happened heading into the election and hedges were unwound. Thanks to our friends at S&P Global for providing the chart below highlighting the cumulative outflows from the active investment community over the last six months.
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