Ownership of the U.S. Equity Market U.S. households hold 40% of the U.S. equity market. That sounds like broad ownership. In reality, nearly 90% of that stake is held by the wealthiest 10%. Image: Goldman…

Nasdaq 100 Index Contribution in Years of +10-25% When the Nasdaq‑100 rises +10-25% in a year, the gains are usually driven by just three stocks. That is the nature of cap‑weighted indices. Narrow breadth isn’t…

Consensus Hyperscaler Capex Estimates Hyperscaler capex is on track to reach $914 billion by 2028. At that scale, this no longer looks like a typical tech cycle. It starts to resemble a structural shift that…

U.S. ISM Services Prices Paid Index vs. U.S. CPI Inflation (Leading Indicator) The ISM Services Prices Paid Index typically leads U.S. CPI by about three months, offering an early read on where inflation is heading.…

Consensus Forward 12-Month S&P 500 EPS Strong Q1 earnings have helped propel the S&P 500 higher this year, boosting investor confidence and supporting higher valuations. Earnings strength still sets the tone. Image: Goldman Sachs Global…

U.S. ISM Manufacturing Index vs. S&P 500 EPS Annual % Change With the ISM Manufacturing Index and S&P 500 earnings growth moving hand in hand, either ISM climbs into the high 50s as the cycle…

S&P 500 Annual Highs Per Month This is still a bull market to love, even as the bears are making more noise. May peaks are rare and June has never marked the top for the…

MSCI World Sector/Style Valuations Valuations are stretched across sectors and styles, leaving investors with almost no room for error. That is what makes this market so tricky. If sentiment turns, there is not much to…

Sentiment – Risk Appetite and Expected U.S. Equity Market Performance U.S. equity fund managers are cautiously stepping back into risk as the earnings outlook brightens. Sentiment is improving on growing confidence in corporate profits, alongside…

S&P 500 Around Major Geopolitical Events Since 1939 What started as a geopolitical bounce has morphed into an earnings-driven rally. The move has been fast, but not stretched. Positioning appears to be playing catch-up with…

Hyperscaler Year/Year Cash Spending Growth Hyperscalers are ramping up AI spending, leaving less capacity for buybacks and dividends. The trade-off is weaker near-term payouts in exchange for longer-term upside. Image: Goldman Sachs Global Investment Research