S&P 500 Intraday Returns – NY Cash Trading Hours vs. Overnight Trading U.S.-daytime volatility’s resurgence reflects renewed market focus on American macro developments, with global investors avoiding illiquid overnight hours—a behavior typically seen after major geopolitical or policy events. Image: Deutsche Bank Asset Allocation
U.S. Households’ Allocation to Equity, Bond and Cash Americans have never been so invested—literally—in the market, with household equity allocations at all-time highs, a boom shadowed by warnings of how sentiment can sour overnight. Image: Goldman Sachs Global Investment Research
Cash Allocation by Non-Bank Investors Globally The age-old adage “cash is king” looks increasingly dated. Non-bank investors have slashed their cash holdings to the lowest levels since at least 1999, leaving financial markets more exposed to shocks. Image: J.P. Morgan
S&P 500 Cash Spending Relative to Cash Flows Many S&P 500 companies devote substantial cash flow to stock buybacks, a practice that benefits shareholders in the short term but sparks concerns about favoring short-term gains over long-term growth. Image: Goldman Sachs Global Investment Research
S&P 500 Use of Cash The S&P 500’s capex growth in 2025 reflects a broad-based rise, driven by AI-related tech investments and strategic shifts in production and automation, underpinned by expectations of strong returns. Image: Goldman Sachs Global Investment Research
U.S. Stock Market – Margin Debt and Free Cash Balances The current record margin debt, exceeding $1 trillion, signals heightened investor risk-taking and confidence; however, if the market falters, this elevated leverage could amplify volatility and losses. Image: Real Investment Advice
Impact of Policy Uncertainty on S&P 500 Cash Use S&P 500 buybacks may face significant impacts from policy uncertainty. Image: Goldman Sachs Global Investment Research
AAII – U.S. Retail Investors Allocation to Stocks, Bonds and Cash High equity allocations and low cash positions don’t always mean a market reversal is near. However, they suggest that much of the market’s potential gains may already be priced in, as investors have heavily committed to equities. Image: Real Investment Advice
FMS Investors – Average Percentile Rank of Growth Expectations, Cash Allocation, Equity Allocation The decline in pessimism among FMS investors is viewed as a positive indicator, suggesting a growing willingness to embrace risk. Image: BofA Global Fund Manager Survey
FMS Average Cash Balance The FMS cash level’s recent decline to 3.9% has generated a contrarian sell signal for global equities. Historically, these signals often precede market corrections, prompting investors to reassess their strategies. Image: BofA Global Fund Manager Survey
GWIM Cash Allocation as % Asset Under Management BofA’s private clients have reduced their cash allocation, remaining below the long-term average, while increasing their equity exposure. Image: BofA Global Investment Strategy