Greetings,
Equities: To begin, the current quarter’s underperformance of growth vs. value stocks is the worst since the dot-com bubble.
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/EQ-Growth-Value2205100437.png)
This is illustrated in the current drawdown in the Nasdaq Composite and Nasdaq 100 indices, which is approaching the 2020 level.
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/EQ-NDX-drawdown2205100437.png)
Credit: In credit markets, the current selloff doesn’t discriminate, unlike the COVID shock.
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/CR-IG-HY-2020-v-20222205100437.png)
Cryptocurrency: In the crypto-sphere, Bitcoin’s Fear & Greed Index entered “extreme fear” territory.
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/BT-12205100437.png)
Emerging Markets: With the recent explosion in the US dollar, EM local currency bonds are exhibiting their worst returns since the Global Financial Crisis.
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/EM-Local-currency-bonds2205100437.png)
The United States: Market-based inflation expectations moved lower on Monday.
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/US-BE2205100437.png)
Food for Thought: Lastly, let’s take a look at how the return to normal activity compares with the return to the office:
![The Daily Shot Brief – May 10th, 2022](https://thedailyshot.com/wp-content/uploads/VTW-Return-to-normal-activity-but-not-to-the-office2205100437.png)
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com