ISM Manufacturing PMI vs. MNI Chicago PMI The MNI Chicago PMI for December was better than expected, but remains in negative territory. Will the U.S. ISM Manufacturing PMI fall further? Image: The Daily Shot

Valuation – S&P 500 Price-to-Earnings (P/E) Ratio on Smoothed EPS The S&P 500 is still not cheap. Image: Stifel

Volatility – MOVE Index U.S. Treasury bond market volatility is still elevated, despite some improvement. Image: Morgan Stanley Research

Short-Term High-Grade Fund Flows Investors are putting their money back into short-term high-grade funds. Image: BofA Global Research

Equities – FANG+ Index vs. Major 5 Central Banks Index The contraction of central bank balance sheets tends to push tech giants lower. Image: Deutsche Bank

Weight of Largest Five Stocks in S&P 500 Will the weight of the five largest S&P 500 stocks continue to decline in 2023? Image: BofA US Equity & Quant Strategy

Countries by Share of the Global Economy The global economy exceeds $100 trillion for the first time. Image: Visual Capitalist

Annual Return for a 60/40 Portfolio Should investors expect the 60/40 portfolio to make a comeback in 2023? Image: Carson Investment Research

Median S&P 500 Price Return After >25% Drawdown Should long-term investors add more risk to a diversified portfolio? Image: KKR & Co.

S&P 500 EPS Growth: 12-Month Leading Indicator Should investors be worried about S&P 500 EPS growth? Image: KKR Global Macro

Volatility – Percentage of Trading Days with VIX Above 20 91% of the trading days this year, the VIX Index has been above 20. Should U.S. equity investors remain cautious? Image: S&P Global Market Intelligence