Distribution of S&P 500 Annual Returns Since 1928, double-digit annual losses in the S&P 500 have been the exception, not the rule, occurring only 12 times. Today, with record earnings, elevated margins, and sustained AI…

S&P 500 Quarterly Net Profit Margin (ex. Financials & Utilities) Profits across corporate America are running hot, and with margins set to widen into 2026, the bullish narrative keeps gaining traction. The momentum is hard…

Valuations – 12-Month Forward P/E Multiple – MSCI Regions, STOXX 600 and S&P 500 Markets may have pulled back, but valuations are still elevated worldwide. Strong earnings are doing the work, and as long as…

Global Economy – GDP Growth Projections The IMF projects global growth at 3.1% in 2026 and 3.2% in 2027. Robust tech investment, steady policy support, and a surprisingly flexible private sector are keeping momentum alive…

GS Financial Conditions Index With rates lower and equities climbing, looser US financial conditions are giving both consumer spending and business investment a stronger tailwind. Confidence often strengthens in step. Image: Goldman Sachs Global Investment…

S&P 500 Drawdowns from 52-Week High and the First Two Years of a New Fed Chair’s Term Fed leadership changes don’t usually shake markets on their own. It’s the macro picture and prior positioning that…

S&P 500 Sector P/E Valuations Relative to History S&P 500 Financials are still trading at relatively modest valuations compared with other sectors, while Industrials are creeping into stretched valuations. Image: Goldman Sachs Global Investment Research

Hyperscaler Capex Hyperscaler capex is poised to climb to $674 billion this year and $794 billion in 2027, but the path won’t be entirely smooth. Episodes of overcapacity may slow momentum as demand and returns…

Risk Appetite Indicator Goldman Sachs’s Risk Appetite Indicator is on the rise. Investors are stepping back into risk with few signs of overheating. Confidence is improving, but not getting ahead of itself. Image: Goldman Sachs…

S&P 500 12-Month Forward Returns After 10-Day Surges Of 10%+ History leans bullish: since 1950, a 10% surge in the S&P 500 over 10 days, like in April, has been followed by gains in 17…

S&P 500 – Investing at All-Time Highs vs. All Other Days Investing at all-time highs tends to spook investors, but the data suggests otherwise: S&P 500 forward returns have typically looked much like those from…