Financial market overview

Shifting Macro Winds Suggest Commodities Could Outperform Stocks

2024.09.09 07:28

The macro evidence suggests we are at a major turning point.

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It’s the sort of thing that could precipitate a reversal in the relative performance of commodities versus stocks.

Commodities to Dow Jones Ratio

On its own, the stock market already looks primed for a major shift in trend…

S&P 500 Correlation

…especially if the economy is headed for something harder than a soft landing.

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But other markets that have already priced in such an environment may be better positioned to benefit from the shifting macro winds.

MSCI China vs S&P 500 Valuation



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