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Early Morning with Dave
Cracks Surface in the U.S. Real Estate Market, Cyclical Stocks, Employment Outlook, and the Consumer... Bonds Have Been Rallying for a Reason
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Cracks Surface in the U.S. Real Estate Market, Cyclical Stocks, Employment Outlook, and the Consumer... Bonds Have Been Rallying for a Reason

Bonds rally amid signs of a cyclical downturn

David Rosenberg's avatar
David Rosenberg
Feb 26, 2025
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Early Morning with Dave
Early Morning with Dave
Cracks Surface in the U.S. Real Estate Market, Cyclical Stocks, Employment Outlook, and the Consumer... Bonds Have Been Rallying for a Reason
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Highlights

• Bonds rally amid signs of a cyclical downturn

• Consumer Staples hit an all-time high as defensives gain

• Consumer confidence sinks, with lower expectations about the future

• Tariff fears are evident in the survey data

Key Takeaways

• Consumer Staples Jump Again as Cyclicals Fall: Yesterday’s market action confirmed the official correction is underway in the Magnificent 7, Dow Transports, and small-cap stocks. Meanwhile, Defensive stocks are performing much better and are in sync with the downgraded U.S. economic growth message being flashed by the Treasury market of late. Consumer Staples spiked +1.7% yesterday to a fresh all-time high, while Health Care has found its legs, up sharply in four of the past five sessions with a +0.9% gain.

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