Valuations – 12-Month Forward P/E Ranges (MSCI Regions) Despite the pullback, U.S. and global equity valuations remain elevated, with earnings momentum carrying the load. As long as companies keep delivering, those rich multiples may continue…
S&P 500 Quarterly YoY EPS Growth Relative to Consensus Expectations Consensus expects S&P 500 earnings to rise 12% year on year in 1Q 2026, led by strong tech‑sector profits. Once again, it’s the tech names…
U.S. ETF and Mutual Fund Flows Over the past 12 months, many U.S. investors have piled into bonds and money market funds over riskier equities, amid geopolitical tensions and stubbornly high interest rates. Image: Goldman…
Bloomberg Dollar Spot Index The U.S. dollar’s sharp March rally fits the familiar script: investors rush back to the greenback when global risk sentiment turns sour, seeking its safety and deep liquidity. Image: Bloomberg
MSCI AC World EPS Analysts keep lifting MSCI AC World EPS forecasts for 2026, fueled by faith in tech and AI. But the Middle East conflict could quickly change the outlook. Image: Goldman Sachs Global…
Median 2-Week S&P 500 Returns U.S. equities often get a lift in the first and second half of April, but this year’s Middle East conflict has clouded the picture. Seasonality may take a back seat…
S&P 500 Quarterly Returns Based on the Four-Year Presidential Cycle Midterm election years have a rough reputation. Q2 is usually the weakest quarter in the presidential cycle for U.S. stocks. With Q1 set to close…
Seasonality – Monthly Return Stats for the S&P 500 April tends to smile on U.S. equities. Since 1964, the S&P 500 has averaged a 1.5% rise for the month. But this year’s Middle East conflict…
Sectors Positioning (High Frequency) Positioning in mega-cap growth and tech remains underweight, and even more so in cyclicals, sitting at the 7th percentile. A hint of good news could see investors swing sharply the other…
Valuation – S&P 500 Forward P/E Multiple Since October, the S&P 500’s P/E has slipped from 23 to 19, showing investors have turned more cautious even as earnings hold steady. The mood has cooled, and…
Different Market Sentiment Indicators Risk appetite is neutral, supported by steady global equity inflows. Investors have grown more cautious over the past month. This looks like prudence, not panic. Image: Goldman Sachs Global Investment Research