Valuation – S&P 500 Forward P/E Valuations have cooled sharply: the Mag 7 now trades at 25 times forward earnings, down from January’s lofty 31. Still pricey, sure. But in today’s market, it’s the best…

EPS Revisions Upward EPS revisions across the S&P 500, the STOXX 600, and particularly MSCI EM, point to rising confidence in 2026 earnings, with momentum still leaning toward strength. Image: Goldman Sachs Global Investment Research

S&P 500 Index Yesterday, the S&P 500 rose 0.8% to close above 7,000, marking its first record since late January. The milestone underscores how tech stocks continue to power the broader rally. Image: Bloomberg

U.S. Economic Forecasts Deutsche Bank forecasts resilient US growth through 2026 and 2027, but expects core inflation to stay well above the Fed’s 2% target and unemployment at 4.4%. Resilient growth sounds good, but persistent…

S&P 500 Median Forward Returns After 5+ Consecutive Weekly Declines Following five weeks of losses, the market’s rally fit the usual playbook. Dating back to 1965, periods like this have preceded a median 12.3% gain…

S&P 500 Four-Year Presidential Cycle Midterm election years tend to shake up U.S. markets, as policy risks and political noise rise before voters hit the polls. Uncertainty is the one asset every portfolio gets stuck…

U.S. ISM Services Prices Paid Index vs. U.S. CPI Inflation (Leading Indicator) The ISM Services Prices Paid Index typically leads U.S. CPI by about three months, offering an early read on where inflation is heading.…

Sentiment – Risk Appetite and Expected U.S. Equity Market Performance After March’s flight to safety, April has seen U.S. equity fund managers tiptoe back into risk. But sentiment remains cautious, with market appetite still muted…

Sectors Positioning (High Frequency) Positioning in mega-cap growth and tech remains underweight, and even more so in cyclicals, sitting at the 7th percentile. A hint of good news could see investors swing sharply the other…

Mega-Cap Growth & Tech (Market Cap and Earnings) The tech pullback has left a bigger disconnect from earnings expectations. Once the mood shifts, risk appetite could roar back and drive stocks sharply higher. Fundamentals haven’t…

U.S. Dollar Index The U.S. dollar index slipping back below its 200-day moving average gives bears more reason to cheer, as the recent rebound loses momentum and the broader downtrend reasserts itself. Image: The Daily…