Equity and credit markets have thus far taken lackluster earnings results and lower expectations in stride, but we think this could change if confidence readings drop further.
In the past few weeks, U.S. equity momentum and value factors have had their sharpest moves in more than 15 years based on our calculations.
While slower earnings growth is a broad headwind for both corporate debt and equities, it also tends to increase performance dispersion.
The divergence between recent bullish factor performance and weaker economic fundamentals should give investors pause.
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