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  "notes": "The chart highlights a significant recovery in the Cyclicals sector in 2024 Q4 compared to 2024 Q3.",
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      "text": "Positive-negative surprise metric for cyclicals has risen by ~23% from last quarter",
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      "text": "Source: Bloomberg, MSIM. As of February 11, 2025. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "Cyclicals | Defensives (ex utilities) | Technology/Growth",
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      "text": "With ~73% of market cap now having reported, earnings for cyclical sectors have improved noticeably since last quarter, with the average positive-negative surprise spread now at 62%, compared to 39% last quarter. Within cyclicals, the largest marginal improvement since last quarter was in materials, which displayed more positive surprises after a difficult Q3.",
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