Gross Proceeds from U.S. IPOs At midyear, 2026 has already matched 2021’s full-year record, with roughly $120 billion raised in U.S. IPOs. The window is wide open, but keeping that momentum through year-end will not be easy. Image: Goldman Sachs Global Investment Research
Semiconductors as a Share of the S&P 500 The market’s weak spot is concentration. Semiconductors have climbed to 18.8% of the S&P 500, a record and more than twice their dot-com era peak. One miss can pull everything down. Image: Real Investment Advice
S&P 500 Performance Up YTD Between 5-10% at the Midpoint of the Year Since 1950, when the S&P 500 has been up 5% to 10% by midyear, it has finished the year higher 93.8% of the time, with an average gain of nearly 14%, giving bulls plenty of reason to stay optimistic. Image: Carson Investment…
Gold Drawdown from Its Trailing Previous Peak Gold has just suffered one of its steepest pullbacks in more than a decade. The drop looks less like the start of a lasting reversal and more like a classic flush after a prolonged rally. Image: Goldman Sachs Global Investment Research
YTD Cumulative Global Fund Flows into U.S. Equities U.S. equity inflows have been running hot this year, with leveraged bets on U.S. exceptionalism still firmly in place. Image: Goldman Sachs Global Investment Research
Index Performance – S&P 500, Nasdaq 100, Russell 2000, Mag 7, S&P 600 The Mag-7 has weighed on U.S. indices since October 2025, with selling pressure accelerating in June as investors began to question returns on heavy AI spending and stayed wary of a hawkish Fed. Image: Deutsche Bank Asset Allocation
Seasonality – Monthly Return Stats for the S&P 500 July has been a friendly month for U.S. stocks, with average returns of 0.8% going back to 1964. If that seasonal pattern holds, bulls could have reason to smile. Image: Topdown Charts
Gold Model Using a model that incorporates real yields, the dollar, the S&P 500, and copper, gold now appears to be trading near fair value again. That leaves investors with a neutral signal. Image: Bloomberg
U.S. Margin Debt Margin debt is rising fast. Leverage can turbocharge gains in a rally, but it cuts just as hard when sentiment shifts. Investors would be wise to pay attention. Image: Goldman Sachs Global Investment Research
U.S. Breakeven Inflation Rate U.S. breakeven inflation rates are not just easing. They have been falling sharply, pointing to markets pricing in weaker inflation ahead, a welcome sign for stability and growth. Image: Goldman Sachs Global Investment Research
Tech: Capex and Buyback & Dividends Tech capex has now overtaken buybacks and dividends. Are shareholders trading short-term pain for long-term gain? It only works if that spending delivers real returns. Image: Societe Generale Cross Asset Research