Keyword: capital

S&P 500 Buybacks as a Percentage of Market Capitalization Deutsche Bank expects 10% returns for the S&P 500 in 2020, and buybacks to slow to $625bn. Image: Deutsche Bank Asset Allocation

Valuation – Apple Market Capitalization and S&P 500 Energy Apple is now worth more than the U.S. energy sector. Image: Financial Times

Total U.S. Equity Fund Flows and Market Capitalization Currently, equity fund outflows over 12m (rolling) are at 1% of market capitalization, as in March 2003, March 2009 and June 2012. Image: UBS

S&P 500 Capital Allocation – Dividends, Buybacks and Capital Expenditures 2018 corporate tax cut boosted dividends and buybacks, but not capital expenditures. Image: Oxford Economics

Equity Market Concentration – Market Capitalization of 10 Largest Companies as Share of S&P 500 Total The market capitalization of the 10 largest companies as share of S&P 500 total is significantly above average. Image: Goldman Sachs Global Investment Research

Buybacks and Dividends as Percentage of Market Capitalization Amid gloomy earnings, U.S. companies are increasingly using debt to fund buybacks and dividends. Image: Institute of International Finance

U.S. Core Capital Goods Shipment and Non-residential Business Fixed Investment (Capex) Is the “phase one” US-China trade deal enough to reverse the slowdown? Image: Deutsche Bank Global Research

Financial Conditions and Capital Expenditures Easier financial conditions don’t boost capex, amid the current uncertainty over tariffs and the slowdown in global economies. Image: Goldman Sachs Global Investment Research

S&P 500 – Buybacks, Dividends and Capital Expenditures 2018 corporate tax cut boosted dividends and buybacks, but not capex. Image: Deutsche Bank Global Research

S&P 500 Earnings and U.S. Capital Spending This chart shows that U.S. core capital spending is near a 20-year high. Are fears that U.S. companies may be curtailing spending plans overblown? The absence of dividend cuts also suggests that U.S. companies are confident in their future earnings potential. Image: Leuthold Group