Is The Dow Trying To Tell Us Something?

Is the Dow's relative underperformance versus the S&P in 2023 trying to tell us something about the viability of the rebound in US equities or, more importantly, about the economy? Who knows. Who knows anything anymore? One thing we do know is that the Dow is generally a cyclical index. The fact that it's lagging the "broader" S&P during 2023's rally might be meaningful for the macro narrative, which in turn could boomerang back to equities that've re-rated to a perilous 18x this year.