Inflation – Commodities and Energy Stocks vs. U.S. CPI Commodities and energy stocks tend to track U.S. inflation. Image: J.P. Morgan

Estimated S&P 500 2022 Earnings Impact Based on 25% Tax Rate Have markets priced in Biden’s tax hikes? Image: BofA US Equity & Quant Strategy

Valuation – S&P 500 Forward P/E Ratio and Subsequent 10-Year Annualized Returns Current S&P 500 valuation suggests anemic returns over the next 10 years. Image: Financial Times

Seasonality – Average Daily Path for S&P 500 since 1928 and Volatility Can investors expect a summer rally for U.S. equities? Image: Deutsche Bank

U.S. Output Gap (% of Potential GDP) Will the Fed take action to prevent the U.S. economy from overheating? Image: BofA Global Research

Earnings – S&P 500 YoY Operating EPS Growth Are earnings too good to ignore? Image: J.P. Morgan Asset Management

ISM Manufacturing vs. S&P 500 Performance More than 90% of the gains in the S&P500 Index have occurred when the ISM Manufacturing Index rises. Image: Alpine Macro

Consumer Spending Growth Since WWII Consumer spending is expected to increase significantly in 2021. Image: Oxford Economics

Emerging Market Stocks – EM Consumer Discretionary + Tech vs. EM Energy + Materials This chart highlights the secular rotation from healthcare/tech to energy/financials. Image: BofA Global Investment Strategy

Fund Flows Into Equity Funds The past couple of weeks saw investors return to equity funds. Image: BofA Global Research

S&P 500 Aggregate Sales Beat Aggregate sales of S&P 500 companies are expected to far exceed market expectations. Image: Deutsche Bank Asset Allocation