Equity Market Concentration – Market Capitalization of 10 Largest Companies as Share of S&P 500 Total The S&P 500 has become top-heavy. Its 10 largest stocks now account for 40% of the index and 37%…
MSCI AC World EPS Earnings are holding up, and analysts still see room to lift estimates. The Street is betting AI can boost margins without sending capex soaring. Image: Goldman Sachs Global Investment Research
Gold and Copper Prices Goldman Sachs is sticking to its $5,400 gold forecast for the end of 2027. Rising demand and tight supply are keeping the upside case alive for gold and copper. Image: Goldman…
Probability of U.S. Recession Calculated from the Yield Curve The probability of U.S. recession in 12 months, calculated from the yield curve, stands at 11.4%, leaving the expansion narrative firmly in play. For now, the…
Valuations – 12-Month Forward P/E Ranges (MSCI Regions) U.S. and global stocks remain expensive. But with earnings still climbing and companies beating expectations, that premium looks less like a red flag and more like the…
Real World Tokenized Assets Tokenized real-world assets are finally gaining traction, but their share of the more than $100 trillion U.S. investable asset universe remains negligible. Adoption is only just getting started. Image: Deutsche Bank
Cross-Asset Correlation Matrix The S&P 500’s one-year correlations are 0.29 with the 10-year U.S. Treasury yield, 0.44 with gold, and -0.35 with WTI crude oil, a mix that offers useful guidance for asset allocation. Image:…
U.S. Economic Forecasts Two Fed rate hikes are in Deutsche Bank’s forecast. The bank sees the U.S. economy holding up through 2028 and expects a 25 bps hike in December 2026 and another in March…
S&P 500 Sector P/E Valuations Relative to History Energy still looks cheap, while Industrials, Healthcare and Consumer Staples face high expectations. Image: Goldman Sachs Global Investment Research
10-Year U.S. Treasury Yield Bond yields can surge, but they rarely stay at their highs. Since 1990, every peak has been followed by a pullback. Image: Real Investment Advice
Forward P/E Ratio and Subsequent 5-Year Annualized Returns With U.S. equities priced for perfection, the next five years could deliver slimmer returns. The businesses are exceptional, but price still matters. Even great stocks can disappoint…