Hyperscaler Spending Growth – Capex and Buybacks The buyback slowdown is a strong indicator that hyperscalers are deferring short-term shareholder returns to channel capital into the rapid and large-scale build-out of AI infrastructure in 2025. Image: Goldman Sachs Global Investment Research
Bloomberg’s Global 60/40 Equity/Fixed Income Portfolio Reaching a new all-time high, the global 60/40 portfolio has demonstrated renewed strength and remains a cornerstone strategy for long-term investors who prioritize diversification, balance, and moderate risk tolerance. Image: Deutsche Bank
U.S. ETF and Mutual Fund Flows Amid ongoing economic and geopolitical uncertainties and elevated interest rates, investors continue to prefer liquid, low-volatility assets—such as bonds and money market funds—over equities. Image: Goldman Sachs Global Investment Research
Spot Gold Rising over 40% this year, gold has outperformed the S&P 500 and surpassed its inflation-adjusted 1980 peak, supported by trade tensions, geopolitical risks, robust central bank purchases, and steady ETF inflows. Image: Bloomberg
Atlanta Fed GDPNow U.S. Real GDP Estimate The Atlanta Fed’s GDPNow model projects that U.S. real GDP will expand at a 3.3% annualized rate in Q3 2025, suggesting steady and robust economic momentum. Image: Federal Reserve Bank of Atlanta
U.S. New Private Housing Units Authorized by Building Permits and Recessions In August, U.S. building permits declined to 1.312 million, below expectations. Historically, building permits tend to peak and then decline prior to economic recessions. Image: Federal Reserve Bank of St. Louis
Valuation – S&P 500 P/E Ratio Fueled by AI, the S&P 500 has climbed to its highest valuation in decades. However, elevated valuations alongside significant economic and geopolitical risks raise the likelihood of a market pullback. Image: Bloomberg
U.S. 2-Year Treasury Yield vs. Fed Funds The current 2-year U.S. Treasury yield, which is below the fed funds rate, signals that monetary policy is restrictive. It also implies the Fed is about 80 basis points behind the curve in cutting rates. Image: Real Investment Advice
Annual S&P 500 Net Buyback Payout Ratio Over the past decade, the buyback payout ratio in the S&P 500 has remained high and relatively steady, with buybacks serving as a primary way of delivering value to shareholders. Image: Goldman Sachs Global Investment Research
Breadth Thrusts and S&P 500 The ongoing Breadth Thrust Regime offers a powerful bullish signal, indicating favorable conditions for U.S. equities until at least May 2026, particularly with the S&P 500 reaching new highs. Image: Hi Mount Research
S&P 500 and Fed Funds Target Rate When the Fed cuts rates outside of a recession, U.S. stocks typically perform well, benefiting from easier borrowing conditions, stronger earnings prospects, and shifts in investor risk preferences. Image: Bloomberg