Turn Out the Lights, the Party's Over!

Well, that was a rough initial start to the year — for both bonds and stocks

Highlights

• “Magnificent 7” stumble in worst start for the Nasdaq in 8 years

• S&P 500 setup is eerily similar to the beginning of 2022 (remember how that went?)

• Don’t expect the same fiscal tailwinds as in previous election years

• Survey data signal subpar macro backdrop