Global Liquidity and MSCI EM Global liquidity rebounds have historically supported emerging market equities by boosting capital inflows, growth, and asset prices. Image: J.P. Morgan

Fiscal Impulse to Growth from New Fiscal Legislation in the U.S. Early 2026 may deliver a fiscal tailwind for the U.S. economy as the One Big Beautiful Bill Act kicks in, lifting household spending, business…

Economy-Wide Firm AI Adoption Rate AI adoption keeps gaining ground, with 17.3% of firms already using artificial intelligence in their regular operations, a share projected to top 21.1% within six months. Image: Goldman Sachs Global…

S&P 500 and NAAIM Index Above 97 Active managers have a habit of chasing rallies and selling near lows. Last week, their equity exposure climbed to 97.13, a level usually seen around short-term market peaks.…

Contribution to S&P 500 EPS Growth The seven biggest S&P 500 stocks are set to drive 46% of the index’s EPS growth in 2026, down slightly from a 50% share this year as the rest…

S&P 500 Earnings Yield Based on Shiller Cyclically-Adjusted P/E The S&P 500’s earnings yield, based on Shiller’s cyclically adjusted P/E, sits near century lows. But if history is any guide, valuations can defy gravity for…

U.S. Unemployment Rate and U.S. Heavy Trucks Sales (Leading Indicator) Sales of U.S. heavy trucks tend to lead the economic cycle. When they drop, unemployment usually starts rising about six months later. Image: Goldman Sachs…

Bitcoin Annual Returns Bitcoin is sliding toward a year of losses, and this one comes without the usual chaos. No fraud, no implosion, just a quieter, more mature market learning that pain isn’t always tied…

Gold Price (5-Year Rolling Change) and World Military Expenses When governments ramp up military spending, gold tends to sparkle. Rising geopolitical risks and looser fiscal policy weaken paper currencies and revive inflation worries, sending investors…

Earnings Growth The gap between the Magnificent Seven and the rest of the S&P 500 is expected to narrow, paving the way for a broader, more balanced earnings landscape across the index in 2026 and…

U.S. Current Account Balance as a % of GDP The U.S. current account deficit has been on a widening path since 2019 and looks poised to stay elevated into 2026. Image: Gavekal, Macrobond