Breakdown of Equity Ownership U.S. households’ equity ownership remains high. Image: Financial Times

Market and U.S. Excess Personal Savings The market is likely driven by excess personal savings. Image: Morgan Stanley Wealth Management

Rising Rate Environments – S&P 500 Dividend Aristocrats vs. S&P 500 Index Rising rate environments tend to favor dividend aristocrats. Image: Morgan Stanley Wealth Management

Bear Market – MSCI IMI All-Cap Country Indexes Outside the United States, will the 20-year bear market come to an end? Image: Gavekal, Macrobond

VIX Daily Spike Above 40% and PMI Large daily moves in the VIX tend to be more frequent in recent years. Image: Morgan Stanley Research

Percent of S&P 500 Stocks with a Dividend Yield Above Stated Levels vs. 10-Year Treasury Yield If the 10-year yield rises to 1.75% by year-end, only 44% of S&P 500 stocks will have a dividend…

U.S. Yield Curve – Spread Between the 10-Year and 2-Year Treasuries A steepening yield curve suggests a stronger economic growth and rising inflation. Image: CNBC

Net Debt of Nonfinancial Corporations Relative to Cash Flow Companies have significant cash flow to cover their debt obligations. Image: LPL Research

Largest VIX 4-Day Drops Ever Large drops in the VIX tend to push the S&P 500 higher. Image: LPL Research

S&P 500 Dividend Yield Divided by 10-Year Treasury The S&P 500 dividend yield could be less attractive relative to the 10-year Treasury, if the 10-year yield rises to 1.75% by year-end. Image: BofA US Equity…

S&P 500 12-Month Return Distribution by YoY Changes in Long-Term (10-Year+) Treasury Yield There is no clear relationship between change in rates and stock returns. Image: BofA US Equity & Quant Strategy