CTAs Exposure to Equities CTA positioning is edging lower, but the signal is mixed. The S&P 500 sits at the 62nd percentile, the Nasdaq-100 lags at the 36th, and the Russell 2000 looks stretched at the 82nd. Image: Deutsche Bank Asset Allocation
Equities and Mutual Funds as a % of Disposable Personal Income Stocks now dominate household wealth. As a result, the equity wealth effect is a much bigger force in the U.S. business cycle and a key driver of consumer spending. Image: Goldman Sachs Global Investment Research
Global Equities Performance Since the start of 2025, U.S. stocks have lagged other major markets, bringing a long period of outperformance to an end. The weaker dollar has also pushed international investors to look beyond the U.S.. Image: Goldman Sachs Global Investment Research
Equities Allocation by G10 and U.S. Investors Across the G10, equity exposure in household, pension, and insurance portfolios has moved up significantly, nearing record highs. Image: Goldman Sachs Global Investment Research
Equities, Cash and Real Estate as % of U.S. Household Net Financial Wealth Stocks have overtaken real estate as the bigger store of household wealth in the U.S., and that has become a meaningful tailwind for spending. Image: Goldman Sachs Global Investment Research
S&P 500 CAPE Ratio vs. U.S. Households Holding of Equities % Total Financial Assets When everyone is piled into equities and valuations are stretched, there isn’t much cushion left. History doesn’t say a crash has to follow, but it does show that markets priced for perfection rarely handle surprises well. Image: Topdown Charts
YTD Cumulative Global Fund Flows into U.S. Equities U.S. equity inflows have been running hot this year, with leveraged bets on U.S. exceptionalism still firmly in place. Image: Goldman Sachs Global Investment Research
U.S. Quality vs. Momentum Equities Since the March lows, momentum has taken the lead over quality, backed by strong earnings prints and positive price action. For now, investors are sticking with companies that deliver on both earnings and momentum. Image: J.P. Morgan Asset Management
Equities – Global Valuation Range U.S. stocks carry a rich premium, while markets abroad sit closer to their historical ranges. The result is a global landscape where relative value is easier to find outside the U.S., though true bargains are still hard to come by. Image: Goldman Sachs Global Investment Research
Average Global Equities Returns Depending on Absolute Moves in U.S. 10-Year Yieldss Big moves in bond yields rarely go unnoticed by equities. A rapid rise in yields can act as a red flag for stocks, as investors push for greater compensation to stay exposed. Image: Goldman Sachs Global Investment Research
U.S. Equities and Wars Some major geopolitical events have knocked U.S. stocks down 15% or more before. Is this time different? For now, markets look like they’re pricing in hope, not fear. Image: Gavekal, Macrobond