U.S. Equities – S&P 500 Equal Weight Index / S&P 500 Index The ratio of the equal-weighted S&P 500 to its cap-weighted version has dropped to its weakest level since May 2003—a stark reminder of how top-heavy this market has become, with a handful of megacaps driving the rally. Image: Bloomberg
Forward P/E Ratio and Subsequent 5-Year Annualized Returns With U.S. stocks trading at stretched multiples, the era of easy money in equities appears to be winding down—patience may be the new strategy for the next five years. Image: J.P. Morgan Asset Management
S&P 500 Index Buying the dip on the S&P 500 has worked like a charm this year, with every pullback turning into a buying opportunity as the index keeps charging to new highs. Image: Bloomberg
Equity Market and Share of the Biggest Sector in the U.S. History keeps repeating on Wall Street — when diversification fades, sector dominance rises. But it never lasts. Sooner or later, shifts in the economy, technology, or geopolitics bring the rotation full circle. Image: Goldman Sachs Global Investment Research
AAII Bulls Minus Bears and S&P 500 Returns The AAII bulls minus bears sentiment spread in 2025 has mirrored bear market extremes from history, reflecting deep pessimism over near‑term stock performance — but to contrarians, that gloom looks like opportunity. Image: Carson Investment Research
Risk Appetite Indicator Level and Momentum Factors After its sharpest two-week rise since May, the GS Risk Appetite Indicator shows investors leaning into risk and betting on steady returns. Image: Goldman Sachs Global Investment Research
Valuation – S&P 500 Index Forward P/E Ratio The market is no bargain: the S&P 500 sits at 23 times forward earnings, versus 16 on average over two decades, while the Magnificent Seven stretch valuations even further at 31. Image: Bloomberg
Equity Performance – MSCI China vs. MSCI U.S. Beijing’s early-2024 intervention lit a rocket under Chinese equities, leaving Wall Street in the dust. Fueled by stimulus and growing investor conviction, the rally could stretch further if geopolitical tensions cool. Image: Gavekal, Macrobond
Global Median 10-Year Yield Across All Sample Economies The median 10-year government bond yield has risen from the rock-bottom levels of the pre-Covid years and early pandemic, returning to its long-term historical average — a clear sign of normalization in bond markets. Image: Deutsche Bank
World Technology vs. World Ex. TMT Relentless innovation and society’s digital obsession have kept tech earnings racing ahead of global peers—and there’s little sign the momentum is fading. Image: Goldman Sachs Global Investment Research
Hyperscaler Capex by Company Goldman Sachs is turning more bullish on hyperscaler spending, hiking its CAPEX outlook after 3Q25 results showed a wave of AI‑ and cloud‑fueled infrastructure growth. Image: Goldman Sachs Global Investment Research