Potential Impact of Biden-Harris Policy Agenda on S&P 500 EPS The S&P 500 EPS forecast depends on fiscal stimulus and corporate tax reform.  Image: Goldman Sachs Global Investment Research

Where Are We In The Cycle? Morgan Stanley expects a Goldilocks recovery in 2021, along with benign inflation and accomodative policies. Image: Morgan Stanley Research

S&P 500 Valuation – Average 12m Fwd P/E and Y/Y Headline Inflation Chart suggesting that rising inflation is good for P/E until inflation exceeds 3%. Image: Goldman Sachs Global Investment Research

U.S. Dollar Against the Euro Bets against the U.S. dollar versus the euro remain stretched. Image: The Wall Street Journal

U.S. Election – Joe Biden vs. Donald Trump and the U.S. Economy Americans believe that Donald Trump will be a little better for the U.S. economy than Joe Biden. Image: BofA Global Research

China Manufacturing PMIs China continues to show signs of recovery from the coronavirus pandemic, as China’s manufacturing PMIs expanded in September. Image: Goldman Sachs Global Investment Research

U.S. Elections – Winning Debates vs. Winning Elections Can President Donald Trump still win the election? Image: Deutsche Bank

S&P 500 Valuation Dispersion on Forward P/E When valuation dispersion was this high, value stocks tended to outperform growth stocks. Image: BofA US Equity & Quant Strategy

2021 U.S. Real GDP Forecasts Goldman Sachs forecasts U.S. real GDP growth of 5.8% in 2021 compared to the consensus forecast of 3.8%. Image: Goldman Sachs Global Investment Research

S&P 500 Index and Nasdaq 100 Index, Six-Month Correlation The Nasdaq 100 Index correlation to the S&P 500 Index is falling. Image: Morgan Stanley Wealth Management

U.S. vs. World ex-U.S. Equities Is it a major turning point for the U.S. stock market? Image: BofA Global Investment Strategy