An Ebbing Tide May Fuel Commodities to Beat Stocks Broad commodities appear to be bottoming against stocks, supported by the highest year-end US stock-market ratio to public debt since 2000. My annual chart highlights what it might take for the Bloomberg Commodity Spot Index (BCOM) to maintain its recovery momentum vs. the S&P 500 total return (SPX) in 2026, akin to 1998 -- a decline in beta. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tmxyhakiupsp {BI COMD} #commodities #stocks @BBGIntelligence