DC Lite #200

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1. Online groceries. "Online grocery prices fell 3.7% in August from a month earlier, the largest decline since [Adobe] began tracking the numbers in 2014. Online grocery shopping accounts for about 12% of the national total."

2. NFIB (II). 37% of respondents reported deteriorating earnings, the largest share since March 2010, due to weaker sales and rising costs.

3. Investment Manager Index (I). "Risk appetite has deteriorated sharply in September to its lowest for nearly two-and-a-half years ... Sentiment has been hit by concerns over valuations amid economic growth worries and political uncertainty."

4. Client flows (I). BofA clients bought the dip, buying $2.4bn of US equities last week. Tech saw the largest inflows since June while Communications saw its 23rd consecutive week of buying. Real Estate and Industrials led the outflows. Retail and hedge funds were buyers while institutions net sold for the 3rd straight week.

5. SPX EPS revisions. “So far in 2024, Forward 12M EPS has been revised higher by +9.3%. The avg (1991 - 2023) is +6.2% by 9/10. This year ranks +3.1% better vs avg (by a solid margin). Fundamentals improving = validation for bulls.”