Category: Blog

MSCI ACWI 12-Month Forward EPS With global stocks priced for perfection and ACWI earnings expectations stretched, it looks prudent to take some risk off the table. Image: TS Lombard

S&P 500 – Net Debit Balances in NYSE Margin Accountsge The ongoing investor deleveraging wave since June is a near-term headwind for U.S. equities, especially in technology and high-beta momentum stocks. Image: J.P. Morgan Flows and Liquidity

10-Year Annualized Performance vs. The Market of The Best Performing U.S. Sector Tech outperformance has been unusually strong and unusually long, marking one of the most concentrated, longest-running spells of sector leadership in recent market history. Image: Goldman Sachs Global Investment Research

S&P 500 Real Revenue per Employee AI is already lifting productivity in some tasks. Over time, that could mean more sales per employee. Image: Goldman Sachs Global Investment Research

Rolling 20-Week Correlations of the S&P 500 to the Usual Havens During this decade’s market shocks, traditional havens have too often failed to hedge, frustrating investors who assumed they would shield portfolios. The takeaway: diversification has to be multidimensional and adaptive. Image: Deutsche Bank

U.S. Broad Money (M2) After shrinking in 2022 and 2023, U.S. M2 growth has continued to expand. That’s good news for nominal spending and asset prices, but it also brings the familiar inflation question back into focus if money growth and velocity both stay hot. Image: Gavekal, Macrobond

Famous Market Bubbles: Peak-To-Trough Drawdowns Major market bubbles rarely fade quietly. Losses can be severe, and getting back to even can take years, sometimes decades, as leverage unwinds, valuations reset, and confidence takes a hit. Image: Real Investment Advice

Different Market Sentiment Indicators Volatility has cooled over the past month, and sentiment is still risk-on, but the market is far from euphoric, leaving room for more upside into earnings season. Image: Goldman Sachs Global Investment Research

S&P 500 Quarterly EPS For Q2 2026, analysts expect S&P 500 earnings to jump 22% from a year earlier, with tech once again doing almost all the work. The script hasn’t changed: technology remains the growth engine. Image: J.P. Morgan

Fed Funds Rate The market’s baseline has shifted: traders see about 50 bp of Fed tightening over the next several months, something that would have been hard to believe in January. Image: Goldman Sachs Global Investment Research

S&P 500 and Trend Strength by Market Cap US small caps are leading the breadth picture, with 67% now trading above the 200-day moving average, the highest reading since 2021. That’s a healthy signal, but it doesn’t guarantee the outperformance will last. Image: Hi Mount Research