U.S. Tech Sector Flows Despite the pullback in tech names, the money isn’t leaving: Tech inflows persist and semi ETFs are still seeing heavy volume. This looks like a consolidation, not the end of the…

10-Year Rolling Annualized Equity vs. Bond Performance (Ex Post Equity Risk Premia) On a 10-year rolling annualized basis, U.S. equities have outperformed bonds by one of the widest margins since the 1920s and 1950s. Image:…

NAAIM Exposure Index – Investor Sentiment The NAAIM Exposure Index at 79.70 shows that active managers are still risk-on, with robust U.S. equity exposure and a bullish outlook. The National Association of Active Investment Managers Exposure Index…

Foreign Holdings of U.S. Treasury Securities U.S. Treasuries continue to draw strong foreign demand. Holdings rose to a record $9.37 trillion in May, but the buying power has passed from foreign central banks to private…

Equity Positioning At the 36th percentile, overall equity positioning sits just below neutral and well short of crowded, while large-cap tech at the 56th percentile is near neutral after easing from more elevated levels. Image:…

Change in S&P 500 Quarterly Earnings Consensus Unlike the usual pattern of downward revisions during the season, S&P 500 earnings estimates turned out to be too conservative. Third-quarter numbers are now moving higher, a positive…

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

Magnificent Seven 12-Month Forward P/E Valuations for the Magnificent Seven have come down meaningfully from their peak and now sit near the lower end of the past seven years. They’re still not a bargain, but…

U.S. Equity Risk Indicator The U.S. Equity Risk Indicator is at a level that has historically pointed to weakness over the short to intermediate term. But markets can stay stretched far longer than logic suggests,…

S&P 500 Quarterly EPS SA vs. S&P 500 Despite a strong second quarter of earnings, U.S. stocks have mostly gone nowhere. If the Fed turns more hawkish or rates stay elevated for longer, valuation multiples…

S&P 500 Cap-Weighted Index vs. S&P 500 Equally-Weighted Index Investors looking to trim exposure to AI-fueled volatility may want to consider the equal-weight S&P 500. It beat the cap-weighted index during the dot-com bust and…