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May 10 2019

Non-Energy Commodities Signal A Major Slowdown

  • May 10, 2019

Late in the cycle, blue chip indexes like the DJIA and S&P 500 can fool investors by hiding subtler deterioration in the broad list of stocks. That’s been underway in the last couple of months, but it’s nothing in relation to the divergence that’s opened in the commodity market, where there’s an almost 20% YTD performance gap between the headline S&P/GS Commodity Index and its non-Energy components (Chart 1).

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About The Author

Doug Ramsey / Chief Investment Officer & Portfolio Manager