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Gunjan Banerji reports that the S&P 500 Momentum Index is currently underperforming the S&P 500 by more than 12 percentage points. This marks the largest quarterly underperformance for the index since 2001.
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Earlier this year, Gunjan Banerji reported that stocks became cheaper as the S&P 500 reached record highs, driven by forward earnings rising at twice the pace of the index itself (link). In a separate article, Banerji highlighted June data center construction outlays reaching a $68.3 billion annual rate, an increase of $21.5 billion year over year (link). These developments come as market leadership and sector performance remain in focus.