The big things you need to know:

• First, trends in investor vibes were mixed last week, both in our quant work as well as last week’s investor conversations.
• Second, the median forward P/E for the S&P 500 has fallen sharply but remains well above average. We’ve also not yet seen significant adjustments to consensus EPS forecasts, which seems likely to keep confidence in P/E analysis low for now.
• Third, Small Caps (which have seen a greater degree of valuation correction) have continued to outperform Large Caps.