S&P 500 Implied Correlation The S&P 500 may be rising as a whole, but individual stocks are telling very different stories. As correlations fade, fundamentals are starting to matter again. Image: Goldman Sachs Global Investment…
Commodities (Oil, Gold, Copper) – Commodity Net Long Positioning Momentum in gold and copper is firmly with the bulls as net-long positions build. The trend still has legs, but this isn’t an early-cycle trade anymore.…
S&P 500 3-Month Option-Implied Volatility Single-stock volatility in the S&P 500 has eased from July’s extremes but remains above its long-term average, while index volatility is still relatively calm. Image: Goldman Sachs Global Investment Research
S&P 500 Price Target for 2026 Goldman Sachs is holding its call for earnings to propel the S&P 500 to 8,000 in 2026, implying a 17% annual return even if the path remains bumpy. Image:…
Valuation – S&P 500 NTM P/E The S&P 500 equal-weight index trades at 16 times forward earnings, versus 20 times for the benchmark. It is hardly cheap, but the discount makes it look more attractive.…
S&P 500 Weekly Announced Buybacks While the pace of new S&P 500 buyback announcements has cooled in the past few weeks, overall buyback activity in corporate America remains firm, providing steady support for stocks. Image:…
Cross Asset Flows as a % of Assets Government bonds continue to draw strong investor demand, offering relatively attractive yields while interest rates stay high. Image: Deutsche Bank Asset Allocation
S&P 500 Performance Around Earnings Seasons The S&P 500 typically rises during the first four weeks of earnings season, loses steam in the weeks that follow, and regains momentum as the next reporting cycle approaches.…
Equity Net Long Positioning – Asset Managers Net Future Positions Asset managers are piling into S&P 500 futures longs, pushing net exposure to elevated levels. The bet is straightforward: more upside. The risk? Any reversal…
Market-Implied Probability of a Recession Starting Within 1 Year and Market-Implied Probability of Being in a Recession At just 13%, market-implied recession odds for the next year are below the long-term average, pointing to a…
S&P 500 Seasonal Composite Midterm Election Year The S&P 500 Seasonal Composite still points to more upside for 2026, but the path could get choppy. U.S. stocks are entering their weakest seasonal stretch, which typically…