World Technology Earnings Driven by innovation and a digital‑first economy, tech earnings continue to outpace global peers, with momentum still running strong. Digital transformation remains a powerful growth engine. Image: Goldman Sachs Global Investment Research
MSCI Emerging Markets Index Emerging markets are back in play, lifted by a softer U.S. dollar, easing global rates, and fresh reforms from Beijing to New Delhi. The rally’s staying power, though, hinges on how long the dollar stays soft. Image: Bloomberg
U.S. Consumer Confidence in Higher Stock Prices vs. S&P 500 Trailing Valuations Confidence in future stock gains is fueling higher valuations, with investors paying up for growth they believe will last. But that conviction could prove fragile if those expectations falter. Image: Real Investment Advice
S&P 500 Index Returns vs. Drawdowns in Midterm Election Years Midterm years often test Wall Street’s nerve. Since 1930, the S&P 500 has typically fallen around 20% on average at some point, but those pullbacks have often marked the start of strong buying opportunities. Image: Ned Davis Research
Valuations Across EM Markets The valuation gap in emerging markets is striking: India trades at a premium, whereas China’s pricing feels more in line with its history. Image: Goldman Sachs Global Investment Research
Macro Valuation Measure (S&P 500) U.S. stocks look rich compared with what today’s macro backdrop would normally justify. In previous cycles, such lofty valuations at these levels have often paved the way for years of subdued returns. Image: Goldman Sachs Global Investment Research
Average Percentile of Sentiment Indicators The mood is bullish for now, and we’re not near the extremes. Market participants aren’t showing signs of fatigue just yet, at least until the next headline hits. Image: Goldman Sachs Global Investment Research
Margin Debt as Percentage of Real Disposal Personal Income Margin debt sits at a record share of real disposable income. With incomes stagnating and borrowing surging, investors look vulnerable. Markets appear calm, for now, but they can turn fast. Image: Real Investment Advice
S&P 500 Aggregate vs Median Earnings Growth S&P 500 earnings rose 14.5% year-on-year in Q4 2025, exceeding initial estimates and marking the strongest quarterly gain in four years as profit growth broadened across sectors. Image: Deutsche Bank
Number of U.S. IPOs Wall Street is about to wake up again. After a sluggish stretch, the U.S. IPO machine is set to roar back to life in 2026, with some 120 deals tipped to raise $160 billion. Image: Goldman Sachs Global Investment Research
Valuation Percentile for Equity, Credit and Bond Valuations matter more over the medium term than in the moment. In years like 2025, robust growth let markets climb anyway, powered by rising profits despite high price tags. Image: Goldman Sachs Global Investment Research