DC Lite #249

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1. Flash PMIs. "The outperformance of the US economy in terms of business output growth across goods and services relative to the G4 average is now at its highest since June 2021."

2. Short interest. "Financials was again the least-shorted sector at the end of October, ahead of the US presidential election ... Short interest also fell in the most shorted industries within the financials sector."

3. Boring year. "2024 is on track to be the lowest-vol year since before Covid."

4. SPX TTM FCF. "S&P 500 free cash flow per share hasn’t grown at all in three years."

5. SPX EPS growth. Banks (181%), Semis (34%), Pharmas (64%), Interactive Media & Services (25%), and Broadline Retail (48%) are expected to be the top contributors to EPS growth in Q4. Excluding these 5 industries, the estimated SPX growth rate for the quarter drops from 12% to 1.6%.