Another concerning chart. US stock performance, as measured by the S&P 500 index, continues to be at or near all-time highs. Consumer sentiment meanwhile, as measured by the University of Michigan’s Consumer Sentiment Index, is at all-time lows. The chart below calls it “Wall Street vs. Main Street” via Kobeissi Letter.

The gap between Wall Street and Main Street has never been bigger:

US consumer sentiment is down to 47.6 points, the lowest level in history.
At the same time, the S&P 500 is trading just 3% from its all-time high.
Since the 2020 pandemic, consumer sentiment has fallen -50%.
During the same period, the S&P 500 has rallied +205%.
This comes as inflation, rising housing costs, and a weakening job market are increasingly squeezing the average American household.
Meanwhile, 87% of all equities are held by the wealthiest 10% of households.
Asset owners are the biggest winners in this economy.

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