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Monthly sector update - May 2023

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The S&P 500 finished April up 1.5%, with leadership skewing defensive. With five of the six FANMAG components reporting, 100% have beaten earnings estimates compared to only one of six in Q4. We got more in line with the model's cautious outlook by shifting more defensive in our sector strate gy on April 27.

Ned Davis Research | Equities | U.S. Sector & Industry Focus | Weekly

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