Coronavirus – Daily Deaths from COVID-19 in the U.S. and Currently Hospitalized due to COVID-19 Both of these graphs show encouraging signs in the United States, as the growth in new COVID-19 cases continues to decline. Image: BofA Global Research
U.S. Real GDP Relative to Pre-Coronavirus Level Goldman Sachs is optimistic and has raised its 2021 estimate of U.S. real GDP growth to 6.2%. Image: Goldman Sachs Global Investment Research
U.S. Real GDP Forecast Goldman Sachs revised its U.S. real GDP growth forecast. Image: Goldman Sachs Global Investment Research
Coronavirus – Estimated Effective Reproduction Number in the U.S. The estimated effective reproductive number (Rt) at 1.10 suggests that the growth in the number of COVID-19 cases is accelerating in the United States. Image: Goldman Sachs Global Investment Research
Coronavirus Hit to the Level of U.S. Real GDP Goldman Sachs now forecasts U.S. GDP growth of -4.2% in 2020 and +5.8% in 2021 (baseline scenario). Image: Goldman Sachs Global Investment Research
Performance – Digital Economy, Renewables, Nasdaq, S&P 500 and Stoxx 600 This chart suggests where to find growth in Europe. Image: Goldman Sachs Global Investment Research
Inflation Assets vs. Deflation Assets The leadership remains deflationary, and the laggards remain inflationary. 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
Cumulative S&P 500 Return Since February 12 Explained by Sevent Factors and the Residual This chart suggests that the S&P 500 is driven primarily by U.S. growth. Image: Goldman Sachs Global Investment Research
Trend for Nasdaq vs. S&P 500 The trend for Nasdaq vs. S&P 500 hit the highest level since the dotcom bubble, as investors have favored growth stocks. Image: BofA Global Research
U.S. Buybacks Goldman Sachs expects buybacks to fall by 50% during 2020 compared with 2019 levels, suggesting slower EPS growth and less support for stock prices. Image: Goldman Sachs Global Investment Research