Negative impactEconomy
Has the S&P 500 really doubled since 2023? Chris Wood says it is down 21% in gold terms
Economic Times 2d ago·28 Aug 2026, 7:06 am
Jefferies strategist Chris Wood has highlighted a surprising disconnect in market performance. While the S&P 500 has doubled in dollar terms since early 2023, it has actually fallen 21% when measured against the price of gold. This suggests that the stock market's gains may be eroding when compared to the purchasing power of other assets.
Wood argues that this divergence matters because it points to potential shifts in monetary policy. He believes that if central banks continue to suppress bond yields, it could weaken the US dollar. A weaker dollar typically makes alternative assets like gold and Bitcoin more attractive to investors.
For now, investors should monitor the relationship between US yields and the dollar. If the dollar weakens further, it could support the prices of non-dollar assets, potentially changing the landscape for global equity markets.
Key takeaways
- Category: Economy.
- AI reads the tone as negative (potentially bearish) for the stock.
- Assessed as a significant, market-relevant update.
Why it matters
A meaningful update worth tracking. The tone is negative — watch for downside reaction. Use the price and stock snapshot to gauge how the market is responding.
