US equities benchmarks are down slightly as of midday Tuesday after major indices staged a huge rally on Monday. But despite the gains to start this week, the performance of US stocks has been tremendously lopsided.

Most of the market is actually doing very badly. Take out oil and gas (that’s not wealth but a transfer due to higher oil prices), utilities (a refuge) and tech, and the rest of the market doesn’t look that great.

Returns by sector

Second, take out Apple, and the DJIA doesn’t look so well this year.

DJIA

We know from September retail sales that Americans are spending less money on restaurants  McDonald’s is the bellwether and it isn’t doing so well. Netflix is doing well, which means that Americans aren’t buying homes or cars, and they aren’t eating out, but they are spending more on Netflix and chill, the proverbial cheapest date. And they are spending more on electronic entertainment.

That doesn’t look like a stellar economic outlook to me at all.