Coronavirus Vaccine in the U.S. Superforecasters see a 53% probability that 25 million doses of an FDA-approved COVID-19 vaccine will be available by March 2021 vs. 69% two weeks ago. Image: Goldman Sachs Global Investment…

U.S. Dollar vs. Equities A stronger U.S. dollar suggests weaker equities. Image: Goldman Sachs Global Investment Research

Retail Trades and Individual Investors Retail investors are driving the recent bull market. Image: Financial Times

Seasonality – S&P 500 Index – Average Percent Change Each Month – 1928-2020 Historically, September has been challenging for the S&P 500. Image: Yardeni Research

Periods of S&P 500 and U.S. Dollar Weakness A period of weakness in the U.S. dollar is not necessarily good news for investors. Image: BofA Global Investment Strategy

Coronavirus Vaccine and Jet Fuel Demand Goldman Sachs expects jet fuel demand to recover next year, with the availability of a coronavirus vaccine by the second-quarter of 2021. Image: Goldman Sachs Global Investment Research

Implied Probability of Vice President Biden Winning 2020 Presidential Election Is Joe Biden’s advantage underestimated? Image: Goldman Sachs Global Investment Research

U.S. GDP Forecasts (2020/2023) Goldman Sachs is lowering its Q4 GDP growth forecast from 6% to 3% QoQ, on the lack of further fiscal support. Image: Goldman Sachs Global Investment Research

Change in U.S. 10-Year Treasury Yields and S&P 500 Following 2016 Election Results Goldman Sachs expects U.S. 10-year Treasury yields to increase under unified Democratic control of government, reflecting the possibility of a substantial increase…

S&P 500 Cap-Weighted Index vs. S&P 500 Equally-Weighted Index The current gap between the equal- and cap-weighted indexes has generally ended with the underperformance of mega-cap stocks. Image: Gavekal, Macrobond

Asset Return Expections on a Five-Year Horizon Government bond returns are expected to be negative across developed markets on a five-year horizon. Source: BlackRock Investment Institute