Valuation – Information Technology Price-to-Book and Relative Price-to-Book vs. S&P 500 Measured by the price-to-book ratio, Info Tech stocks look expensive. Image: BofA US Equity & Quant Strategy
U.S. Equity – Calls in Single Stocks (Volume) and Call/Put Ratio Single stock call options volume has surged recently. Will this end well? Image: Goldman Sachs Global Investment Research
Number of S&P 500 Companies Citing Inflation on Earnings Calls S&P 500 company mentions of “inflation” reach record levels. Image: Deutsche Bank
Rates – U.S. 10-Year Nominal and Real Yields Goldman Sachs expects U.S. rates will continue to rise. Image: Goldman Sachs Global Investment Research
Supply Disruption Index vs. U.S. Core CPI Inflation (Leading Indicator) Is U.S. core CPI inflation finally peaking? The supply disruption index tends to lead U.S. core CPI inflation by one month. Image: Alpine Macro
Earnings – STOXX Europe 600 EPS Level Thanks to an accomodative monetary and fiscal policy, the STOXX Europe 600 EPS is growing much faster than during the last cycle (2007-2019). Image: Goldman Sachs Global Investment Research
S&P 500 Equity Risk Premium – Equities vs. Bonds The S&P 500 equity risk premium is expected to decline through 2022. Image: Goldman Sachs Global Investment Research
Implied Allocations: Gold (ETF Market Share of Gold ETFs vs. All ETF Assets) Despite the surge in inflation, investors are underweight gold relative to history. Image: Topdown Charts
S&P 500 Consensus Long-Term Growth Forecast The S&P 500 consensus long-term growth is at record high. Is this a bearish signal? Image: BofA US Equity & Quant Strategy
Household + Mutual Fund Ownership of U.S. Equities Household + mutual fund ownership of U.S. equities is increasing dramatically. Image: Goldman Sachs Global Investment Research
China GDP Growth China’s GDP growth is expected to rebound to 5.5% in 2022. Image: Morgan Stanley Research