S&P 500 vs. U.S. 10-Year Bond Correlation Since the COVID-19 pandemic, equities and bonds have increasingly moved in tandem, especially during inflation spikes and rate hikes, weakening bonds’ traditional role as a diversifier. Image: Goldman…
MSCI AC World EPS Estimates for MSCI AC World EPS in 2026 and 2027 are edging higher as analysts bet the AI and tech surge will translate into fatter margins, not another round of overinvestment.…
U.S. Quality vs. Momentum Equities Since the March lows, momentum has taken the lead over quality, backed by strong earnings prints and positive price action. For now, investors are sticking with companies that deliver on…
Materials Group Positioning Materials positioning has dropped to the 1st percentile, leaving investors heavily underweight. It would not take much to trigger a sharp rebound. Image: Deutsche Bank Asset Allocation
Forecast of Gold Prices Goldman Sachs slashed its year-end gold forecast by $500 an ounce as expectations for Fed easing in 2026 faded. The new $4,900 December target still leaves room for second-half gains. Image:…
S&P 500 – Margin Debt Expansion vs. Contraction Margin debt is climbing into territory that makes investors uneasy, edging deeper into what many view as the danger zone. Momentum remains on the bulls’ side for…
Price Return in 2026 The median stock in each region is lagging this year, with gains concentrated in a narrow group of heavyweight tech names. Image: Goldman Sachs Global Investment Research
ROE for Mega-Cap Tech and the Rest of the S&P 500 Mega-cap tech’s return on equity is expected to face headwinds and decline through 2028, while the rest of the S&P 500 sees ROE trending…
Margin Debt as Percentage of M2 (Measure of Leverage) Leverage amplifies gains in rising markets but reveals fragility when sentiment turns. Margin debt relative to the money supply is running hot, echoing levels last seen…
GS Financial Conditions Index With markets advancing, confidence is firming, supported by looser U.S. financial conditions that are feeding through to stronger consumer spending and business investment. Image: Goldman Sachs Global Investment Research
S&P 500 Performance Under New Fed Leadership Since 1930 New Fed leadership rarely drives the market narrative. It tends to follow the momentum already in place across the economy. Transitions, however, can change the intensity…