Global Value vs. Growth This year, investors have shifted from expensive tech into value plays. But lower rates could revive growth stocks as cheaper money boosts the appeal of future profits. Image: Goldman Sachs Global Investment Research
Global Equity Forward Earnings Global earnings growth exceeding 15% is rare outside of post-recession recoveries or major economic booms. Right now, the backdrop for businesses is unusually strong. Image: Deutsche Bank Research
Weight of Top 10 Holdings in Each Country’s ETF The dominance of the top 10 U.S. stocks has raised alarms about market concentration, but a look across other major economies shows the U.S. isn’t as top-heavy as many believe. Image: Carson Investment Research
Peak to Trough in the S&P 500 Around Spikes in the Geopolitical Risk Index Most geopolitical shocks haven’t caused lasting market impacts. Oil tends to surge when tensions rise in the Middle East, gold gets a lift, Treasuries draw buyers unless energy prices spiral, and equities typically retreat. Image: Goldman Sachs Global Investment Research
U.S. vs. Rest of World – 12-Month Forward Earnings Per Share U.S. corporate earnings have led the pack in recent years, but overseas profits are finally closing the gap. That momentum shift could mark an important turning point, one that opens opportunities in international large-caps. Image: Deutsche Bank Research
Valuations – S&P 500 P/E vs. U.S. ISM Manufacturing Prices Paid (Leading Indicator) When manufacturing costs climb, equities usually feel it later. Higher input prices work their way into the S&P 500’s P/E ratio with a lag, showing up in valuations roughly a year down the road. Image: Bloomberg
U.S. Yield Curves The yield curve’s normalization following its 2022 inversion eased recession worries for now, but historical patterns still suggest caution post-uninversion. Image: Real Investment Advice
WTI Crude Oil and Recessions When oil prices surge, sometimes doubling, it’s often a red flag for the U.S. economy. History shows these jumps tend to foreshadow recessions, making crude a key gauge for investors watching for signs of a slowdown. Image: Yahoo Finance
Price Performance of Gold Before and After the Start of Armed Conflicts When conflict breaks out in the Middle East, gold typically shines as a tactical safe haven, with prices jumping as traders add a geopolitical risk premium. Image: J.P. Morgan Commodities Research
Effect of a 10% Increase in Oil Prices on Inflation A 10% rise in crude oil prices would add modestly to headline inflation over the year. But if higher prices persist, the inflation effect would linger and growth would take a bigger hit. Image: Goldman Sachs Global Investment Research
Seasonality – S&P 500 Index Average Monthly Returns March and April have a history of treating U.S. stocks well, as seasonal tailwinds lift sentiment. Maybe a dose of spring optimism is making the rounds on trading desks. History, for now, is on the bulls’ side. Image: Carson Investment Research