Earnings – S&P 500 12-Month Fwd EPS vs. EPS Implied by Credit and Manufacturing Surveys Could an earnings recession be a significant risk for U.S. stocks? Image: BofA Research Investment Committee

S&P 500 Price Returns Based on U.S. ISM Manufacturing PMI Levels The U.S. ISM Manufacturing PMI between 45 and 50 is historically bullish for U.S. stocks over the next 12 months. Image: MarketDesk Research

Nasdaq Composite Index vs. Nasdaq Composite Cumulative Advance/Decline The Nasdaq Composite’s breadth is not great. Image: Morgan Stanley Research

S&P 500 Tech Sector Relative Performance Should investors be concerned about the relative performance of the tech sector? Image: Morgan Stanley Research

Path of Fed Funds During Previous Hiking Cycles The Fed has been particularly aggressive in raising rates to fight inflation compared to previous hiking cycles. Image: Goldman Sachs Global Investment Research

Valuation – S&P 500 Median Stock Forward P/E and S&P 500 Forward P/E The valuation of the S&P 500 remains at lofty levels. Image: Morgan Stanley Research

U.S. Dollar Index vs. 10Y-3M Real U.S. Treasury Yield Curve (Leading Indicator) The real U.S. yield curve suggests that the U.S. dollar may weaken over the next 12 months. Image: Morgan Stanley Wealth Management

S&P 500 Returns Around the End of Fed Hiking Cycles In recent history, U.S. stocks tend to rally if there is no recession following the end of Fed hiking cycles. Image: Goldman Sachs Global Investment…

Cumulative Quarterly Inflow to Cash Cash is making a strong comeback as interest rates rise. Image: BofA Global Investment Strategy

S&P 500 Returns After a 7% Gain in the First Quarter Since 1954, when the S&P 500 gained more than 7% in the first quarter, bears cried and bulls smiled throughout the year. Image: Carson…

Big Tech Stocks % of S&P 500 Market Capitalization Will the weight of big tech stocks in the S&P 500 continue to decline in 2023? Image: BofA Global Investment Strategy