Earnings Sentiment (Analyst Upgrades Minus Downgrades Across Markets) Earnings sentiment in the S&P 500 is steadily improving, potentially paving the way for market growth. Image: Goldman Sachs Global Investment Research
U.S. Investement Grade Corporate Bond Spreads Will U.S. Investment Grade corporate bond spreads remain unchanged for an extended period? Image: BofA Global Investment Strategy
Equities – MSCI ACWI Total Return vs. U.S. High Yield/High Grade Total Return Relative Is credit a bearish sign for global equities? Image: BofA Global Investment Strategy
S&P 500 Total Return vs. U.S. High Yield/High Grade Total Return Relative Credit tends to lead stocks. Image: BofA Global Investment Strategy
Earnings Sentiment (Analyst Upgrades Minus Downgrades) Earnings sentiment across markets is improving. Image: Goldman Sachs Global Investment Research
S&P 500 vs. U.S. High Yield/High Grade and Large Cap Growth to Small Cap Value Charts suggesting that new highs in stocks need high yield outperformance and sustained rotation from large cap growth to small cap value. Image: BofA Global Investment Strategy
Quarterly Dollar Notional Amounts of Bonds Downgraded from IG to HY The pace of rating downgrades has accelerated markedly in recent months. Image: Goldman Sachs Global Investment Research
S&P 500 Total Return Index and U.S. High Yield/High Grade Chart suggesting a bullish market that is getting stretched and vulnerable. Image: BofA Global Investment Strategy
Total Return – U.S. Equities vs. U.S. Corporate Bonds Should investors favor investment grade corporate bonds over U.S. stocks? Image: BofA Global Investment Strategy
Deflation Assets vs. Inflation Assets Is the 40-year bull market in bonds over? Deflation Assets: government bonds, U.S. investment grade, S&P 500, U.S. consumer discretionary, growth and US high yield.Inflation Assets: TIPS, EAFE, U.S. banks, value and cash. Image: BofA Global Investment Strategy