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U.S. GDP Growth Goldman Sachs is optimistic about the resilience of the U.S. economy and predicts a more favorable GDP growth outlook for 2024 and 2025 compared to consensus forecasts. Image: Goldman Sachs Global Investment Research

Median Monthly Flow into Equity Mutual Funds and ETFs as a % of Total AUM November historically marks a period of increased investor activity in equity markets, often leading to substantial inflows. Could the S&P 500 hit 6,000 by year-end? Image: Goldman Sachs Global Investment Research

World Technology Earnings The technology sector’s consistent outperformance relative to other sectors since 2010 can be attributed to its robust profit growth and the transformative impact of technological innovations like AI. Image: Goldman Sachs Global Investment Research

S&P 500 Around U.S. Election Date The S&P 500 has a historical tendency to rise after U.S. elections, particularly when there is no recession and the government is divided, reflecting investor optimism and market stability. Image: Goldman Sachs Global Investment Research

Market – Breadth Index With the Goldman Sachs Breadth Index at 21, it remains below the 30-year average of 35, indicating that fewer stocks are contributing to market gains. Image: Goldman Sachs Global Investment Research

Valuation – 12-Month Forward P/E Ranges (MSCI Regions) Despite the U.S. stock market’s impressive resilience against various challenges, the divergence between current valuations and historical averages presents substantial risks to its long-term sustainability. Image: Goldman Sachs Global Investment Research

Different Market Sentiment Indicators Most market sentiment indicators currently reflect a risk-on attitude among investors, suggesting an optimistic outlook for financial markets. Image: Goldman Sachs Global Investment Research

Probability of U.S. Recession In the Next 1 Year The 12-month forward implied change in the federal funds rate indicates an 84% probability of a US recession occurring within the next year. Is this time different? Image: Goldman Sachs Global Investment Research

Ownership Breakdown of the U.S. Equity Market (Share of Corporate Equity Market) U.S. households hold 38% of the U.S. equity market, reflecting strong confidence in stocks. However, ownership is concentrated, with the wealthiest 10% owning about 93% of all stocks owned by households. Image: Goldman Sachs Global Investment Research

U.S. Households Aggregate Financial Asset Allocation High U.S. household equity allocation has historically preceded lower market returns, indicating that current trends could signal risks for future investors. Image: Goldman Sachs Global Investment Research