{"id":209324,"date":"2024-07-18T10:45:00","date_gmt":"2024-07-18T14:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=209324"},"modified":"2024-07-19T03:59:35","modified_gmt":"2024-07-19T07:59:35","slug":"sector-opportunities-for-q3-2024","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/","title":{"rendered":"Sector Opportunities for Q3 2024"},"content":{"rendered":"\n

Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.<\/strong><\/p>\n\n\n\n

Aerospace and Defense: Higher defense spending in the face of global conflicts points to great growth potential for the industry.<\/strong><\/p>\n\n\n\n

Oil & Gas Exploration and Production: Constructive supply-demand balance supports the industry fundamentals, while its high sensitivity to inflation and oil prices provide investors a powerful portfolio diversification tool.<\/strong><\/p>\n\n\n\n

The S&P 500 Index gained for the third consecutive quarter in Q2, extending its year-to-date rally to 15.3%,1<\/sup> despite a delayed first rate cut by the Federal Reserve (Fed) and heightened political and geopolitical uncertainties in Europe and the Middle East. Nevertheless, the market breadth has narrowed, with the Tech sector contributing nearly 100% of the index\u2019s Q2 return and Communication Services being the only other outperforming sector. Meanwhile, the 21x next-12-month earnings multiple, which is close to the level last seen in December 2021, appears stretched given elevated interest rates and slower growth outlook.2<\/sup><\/p>\n\n\n\n

For sector positioning in the second half of this year, we identified three underdogs with positive or better-than-consensus earnings growth prospects \u2014 Utilities, Aerospace & Defense, and Oil & Gas Exploration and Production.<\/p>\n\n\n\n

Utilities: The Secular Increase in Power Consumption<\/h2>\n\n\n\n

Utilities has lagged the broad market by 45% on a cumulative basis since the market bottom in September 2022. Elevated bond yields have increased the sector financing costs due to its capital-intensive business, while increasing soft-landing prospects mean the sector\u2019s defensive trait is out of favor. As a result, Utilities\u2019 next-12-month P\/E is trading at a 21% discount to the broad market \u2014 close to its 15-year low.3<\/sup><\/p>\n\n\n\n

But Utilities earnings growth has shown great resilience in the current high interest rate environment thanks to cost control measurements and expanded rate bases (Figure 1). The S&P 500 Utilities sector posted EPS growth of 6.5% in 2023,on par with the Tech sector and outpacing 1% growth rate for the broad market.4<\/sup> Its EPS growth is expected to accelerate to 9.3% in 2024 and maintain at 9% in 2025, well above its 10-year growth average of 4.5%.<\/p>\n\n\n\n

While higher interest rates have burdened the sector with high financing costs, the decline in non-fuel operating and maintenance expenses helped mitigate the impact of higher financing costs on the bottom line. Record increases in capital spending after the pandemic has increased the Utilities\u2019 rate base.5<\/sup><\/p>\n\n\n\n

Together with a higher interest rate environment, utility companies can make a strong case in front of utility regulators for increasing allowed return on equity in their upcoming rate cases, boosting their profitability.<\/p>\n\n\n\n

\"Utilities'<\/figure>\n\n\n\n

Over the longer term, booming data center power consumption, electrification of the transportation sector, and manufacturing reshoring provide secular tailwinds for demand growth in electric utilities. Electricity consumption from data centers could more than double by 2026, assuming no significant improvement on technological efficiency.6<\/sup> With increasing adoption of electric vehicles, electricity demand from the transportation sector is projected to increase more than eight times by 2050.7<\/sup><\/p>\n\n\n\n

Last but not least, electricity demand from the industrial sector may get a boost from manufacturing onshoring. Based on the analysis of onshoring US manufacturing facilities that has been announced or begun construction between 2021 and 2023, they may increase annual industrial electricity consumption by around 0.65% relative to the 2022 level.8<\/sup> As the pace of reshoring accelerates, US industrial electricity demand may see the first sustained increase since 2000.9<\/sup><\/p>\n\n\n\n

While Utilities still faces near-term headwinds from elevated interest rates, long-term Treasury yields have shown signs of peaking, as so far the Treasury yield has peaked below last year\u2019s highs. This may indicate that the worst rate pains may be behind the sector. Current valuation levels offer attractive entry points for investors.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Aerospace & Defense: Higher Defense Spending and Potential Tailwinds After the US Election<\/h2>\n\n\n\n

The Aerospace & Defense industry has underperformed broad US equities and its European peers by more than 10% year to date10<\/sup> due to US defense budget and supply chain constraints. But looking beyond the near-term headwinds, we remain positive on the multi-year cycle of higher defense spending amid intensifying competition between powerful nations and increasing geopolitical fragmentation.<\/p>\n\n\n\n

While the US defense budget for FY 2024 and 2025 was constrained by last year\u2019s debt ceiling deal limiting the defense budget increase to 1% from the previous year, global military expenditures continue to show strong momentum led by increases in Europe and the Middle East. As European countries\u2019 threat perceptions were dramatically shifted by the Russia-Ukraine war, we saw the highest number of NATO members meeting or surpassing the 2% of GDP on defense spending target last year, lifting the region\u2019s defense spending by 16%.11<\/sup><\/p>\n\n\n\n

Military expenditures in the Middle East registered the highest annual growth since 2014, driven by large increases in Saudi Arabia and Israel12<\/sup> as diplomatic relations between Israel and Arab countries deteriorated amid the war in Gaza. Iran\u2019s retaliatory attacks on Israel and Israel\u2019s military response in April heightened the risk of wider regional conflicts, potentially boosting Arab countries\u2019 military spending in the coming year.<\/p>\n\n\n\n

Additionally, the intensifying rivalry between the US and China around the Taiwan Strait demands higher spending on US defense modernization in the Indo-Pacific region to deter military threats. Notwithstanding debate on whether China\u2019s official defense budget captures most of its actual defense spending, the US share of global military spending has declined over the past decade, while China\u2019s share of global spending has increased (Figure 2).<\/p>\n\n\n\n

Although the FY 2024 US defense budget is more than triple China\u2019s in absolute terms, US defense spending has a global footprint, compared to China\u2019s Indo-Pacific focus. Moreover, the same dollar amount allows China to go further in military buildup and modernization given its lower domestic labor and material costs.<\/p>\n\n\n\n

\"US<\/figure>\n\n\n\n

Click here to read more <\/a><\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted July 16, 2024 – Sector Opportunities for Q3 2024<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.<\/p>\n","protected":false},"author":490,"featured_media":209327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[3598,4499,17474],"contributors-categories":[13643],"class_list":["post-209324","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-market-outlook","tag-q3","tag-sector-outlook","contributors-categories-state-street-global-advisors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nSector Opportunities for Q3 2024 | Traders' Insight<\/title>\n<meta name=\"description\" content=\"Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/209324\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sector Opportunities for Q3 2024 | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-18T14:45:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-19T07:59:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anqi Dong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anqi Dong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\\\/\\\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"NewsArticle\",\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Anqi Dong\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/ce143e9171265792524675694d6f30dc\"\n\t },\n\t \"headline\": \"Sector Opportunities for Q3 2024\",\n\t \"datePublished\": \"2024-07-18T14:45:00+00:00\",\n\t \"dateModified\": \"2024-07-19T07:59:35+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/\"\n\t },\n\t \"wordCount\": 958,\n\t \"commentCount\": 0,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/07\\\/figure-2-us-share-of-glo.jpeg\",\n\t \"keywords\": [\n\t \"market outlook\",\n\t \"Q3\",\n\t \"sector outlook\"\n\t ],\n\t \"articleSection\": [\n\t \"Macro\",\n\t \"North America\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Text Articles\",\n\t \"Traders' Insight\"\n\t ],\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/\",\n\t \"name\": \"Sector Opportunities for Q3 2024 | IBKR Campus US\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t },\n\t \"primaryImageOfPage\": {\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/07\\\/figure-2-us-share-of-glo.jpeg\",\n\t \"datePublished\": \"2024-07-18T14:45:00+00:00\",\n\t \"dateModified\": \"2024-07-19T07:59:35+00:00\",\n\t \"description\": \"Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/sector-opportunities-for-q3-2024\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/07\\\/figure-2-us-share-of-glo.jpeg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/07\\\/figure-2-us-share-of-glo.jpeg\",\n\t \"width\": 1800,\n\t \"height\": 900,\n\t \"caption\": \"US Share of global defense spending is declining\"\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"name\": \"IBKR Campus US\",\n\t \"description\": \"Financial Education from Interactive Brokers\",\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Organization\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t \"name\": \"Interactive Brokers\",\n\t \"alternateName\": \"IBKR\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"logo\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"width\": 669,\n\t \"height\": 669,\n\t \"caption\": \"Interactive Brokers\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t },\n\t \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/ce143e9171265792524675694d6f30dc\",\n\t \"name\": \"Anqi Dong\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/anqi-dong\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Sector Opportunities for Q3 2024 | Traders' Insight","description":"Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/209324\/","og_locale":"en_US","og_type":"article","og_title":"Sector Opportunities for Q3 2024 | IBKR Campus US","og_description":"Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/","og_site_name":"IBKR Campus US","article_published_time":"2024-07-18T14:45:00+00:00","article_modified_time":"2024-07-19T07:59:35+00:00","og_image":[{"width":1800,"height":900,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg","type":"image\/jpeg"}],"author":"Anqi Dong","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anqi Dong","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/"},"author":{"name":"Anqi Dong","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/ce143e9171265792524675694d6f30dc"},"headline":"Sector Opportunities for Q3 2024","datePublished":"2024-07-18T14:45:00+00:00","dateModified":"2024-07-19T07:59:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/"},"wordCount":958,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg","keywords":["market outlook","Q3","sector outlook"],"articleSection":["Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/","name":"Sector Opportunities for Q3 2024 | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg","datePublished":"2024-07-18T14:45:00+00:00","dateModified":"2024-07-19T07:59:35+00:00","description":"Utilities: Attractive valuations, peaking interest rates, and secular increases in power consumption make the sector a promising underdog.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sector-opportunities-for-q3-2024\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg","width":1800,"height":900,"caption":"US Share of global defense spending is declining"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/ce143e9171265792524675694d6f30dc","name":"Anqi Dong","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/anqi-dong\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/07\/figure-2-us-share-of-glo.jpeg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/209324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/490"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=209324"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/209324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/209327"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=209324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=209324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=209324"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=209324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}