Bloomberg Intelligence's 'Equity Market Minute' 1/20/2023

Gina Martin Adams discusses the potential cyclical inflection point in the S&P 500 earnings stream, influenced by inflation indicators. She highlights the relationship between operating margins and the Producer Price Index (PPI), noting recent trends where producer prices rose slower than consumer prices. The market outlook remains uncertain, with leading industries like semiconductors, transportation, and home builders showing varied performance. Home builders have broken out of a long-term downtrend, while semiconductors and transportation need further confirmation of improvement.

Which industries are mentioned as generally improving, and what is unique about home builders?

What is necessary for a more optimistic tone in the market according to the speaker?