S&P 500 CAPE Valuations and 10 Year Annualized Real Return The S&P 500 is trading at a Shiller CAPE ratio seen only during some of the market’s most expensive periods. That kind of optimism can…
Truck Tonnage vs. S&P 500 Index The Truck Tonnage Index fell 1% in July. Trucks represent 72.7% of U.S. freight and serve as a barometer of the U.S. economy. This chart shows that, historically, the…
Valuations – 12-Month Forward P/E Ranges (MSCI Regions) U.S. and global stocks still look expensive, but earnings growth is justifying the price tag. As long as the profit trend holds, that premium is more a…
Consensus EPS Growth Estimates Small caps could deliver the biggest earnings surge. Profits are set to jump 34% this year and 47% in 2027, versus 32% and 12% for the S&P 500. Image: Goldman Sachs…
Large Cap Consumer Staples Positioning Positioning in large-cap consumer staples sits in the 13th percentile, with investors heavily underweight. Even a small lift in sentiment could be enough to spark a bounce. Image: Deutsche Bank…
S&P 500 ex. Energy Year/Year EPS Growth Q2 earnings were remarkably strong, with AI infrastructure stocks once again driving gains across the S&P 500. But beneath the headline strength, the earnings picture remains highly concentrated.…
Valuation – S&P 500 NTM P/E The equal-weight index trades at 17 times forward earnings, below the benchmark’s 20 times. It is hardly cheap, but the discount makes it look more appealing. Image: Goldman Sachs…
U.S. New Private Housing Units Authorized by Building Permits and Recessions In July, U.S. building permits rose to 1.443 million, above expectations. Historically, building permits tend to peak and then decline prior to economic recessions.…
Risk Appetite Indicator Level and Momentum Factors Goldman Sachs’ Risk Appetite Indicator has pushed back into stretched territory as investors pile into higher-risk bets. Upside still exists, but crowded positioning raises the odds of a…
Returns – Magnificent Seven vs. European Banks Since the start of 2022, European banks have outpaced U.S. mega-cap tech stocks. In a market obsessed with AI and the Magnificent Seven, it’s a rare twist. Image:…
S&P 500 Index and Technical Score At 85.03, the S&P 500 remains firmly overbought, with bullish sentiment showing few signs of cooling. Image: Real Investment Advice