Yearning for earnings growth

Stock market bears have something in common with bears in the wild emerging from hibernation: Both are “hangry” and prowling for sustenance. This makes it a good time for us to update our Nuveen Bear Market Tracker (Figure 1). We introduced the tracker last year to help inform discussion and debate around U.S. bear market dynamics, with a focus on valuations, earnings, U.S. Federal Reserve policy, manufacturing activity, market breadth and bond spreads.