Market-Implied Long-Term S&P 500 Growth Expectations The implied long-term growth rate for the S&P 500 is currently +11%, which is above the long-term average but still below the levels seen during the tech bubble. Image: Goldman Sachs Global Investment Research
Global Sector Flows Given investor sentiment and current market conditions, will outflows from tech funds come to an end? Image: Deutsche Bank Asset Allocation
U.S. Tech Stocks vs. Global Tech Stocks The remarkable outperformance of U.S. tech stocks underscores the competitive advantage and innovation prowess of U.S. companies, consistently surpassing global peers in growth and market value. Image: Topdown Charts
Equity – MSCI Japan Market Cap Relative to World Market Cap Considering the improved outlook, attractive valuations, and progress in corporate governance, should investors consider increasing their exposure to Japanese equities? Image: BofA Global Investment Strategy
Flows into Money Market Funds Money market funds have seen strong inflows since the start of the year. Investors continue to show a strong affinity for cash, seeking for more defensive approaches to the market. Image: BofA Global Investment Strategy
Global Equities – MSCI AC World Mid- and Large-Cap Index Are emerging market equities poised for continued growth? Image: Gavekal, Macrobond
12-Month Rolling Money Market In/(Out)Flows vs. NY Fed 12-Month Ahead Yield Curve Implied Recession Probability The probability of a U.S. recession can significantly influence investor behavior, potentially leading to a rotation out of money markets if the likelihood of a recession diminishes. Image: Goldman Sachs Global Investment Research
Europe Market – Annualized Average of Monthly Real Price Returns High and falling inflation is generally a favorable environment for returns. Image: Goldman Sachs Global Investment Research
Market Breadth – Percent Below 52-Week High, S&P 500 Index Less Median Stock Will market breadth improve in 2024? Image: Goldman Sachs Global Investment Research
Market Pricing of Fed Cuts vs. Real 10-Year U.S. Treasury Yield When the market expects the Federal Reserve to cut interest rates, it often leads to lower real yields, as investors adjust their expectations. Image: Goldman Sachs Global Investment Research