U.S. E-commerce – Percent Penetration of Adjusted Retail Chart suggesting that the coronavirus pandemic has pulled forward about three years of e-commerce adoption in the United States. Image: Morgan Stanley Research

S&P 500 vs. ISM PMI and S&P 500 Earnings Revisions Breadth Chart suggesting that the S&P 500 is simply following the rebound in both PMIs and earnings revisions breadth. Image: Morgan Stanley Research

Corporate Bonds – Number of Fallen Angels in U.S. with 2020 Projection While fallen angels get Fed’s helping hand, their numbers in 2020 are expected to reach the same levels as in 2001 and 2009.…

U.S. Dollar Most Oversold in 40 Years Morgan Stanley has exited its short position on the U.S. dollar index, but remains bearish in the medium term. Image: Morgan Stanley Research

U.S. Real GDP Relative to Pre-Coronavirus Level Goldman Sachs is optimistic and has raised its 2021 estimate of U.S. real GDP growth to 6.2%. Image: Goldman Sachs Global Investment Research

S&P 500 Index Market Capitalization, YTD Performance Higher returns YTD, but higher valuations for the top five stocks. Image: Morgan Stanley Wealth Management

U.S. Treasuries Held by Foreign Official Accounts vs. U.S. Dollar Index A bearish move in the U.S. dollar tends to increase foreign official holdings of U.S. Treasuries. Image: BofA

Indicator – Driving Mobility Driving mobility is improving overall. Image: Morgan Stanley Research

U.S. Household Net Worth to GDP Rich people are getting richer during the coronavirus pandemic. U.S. household net worth to GDP hit a new record high. Image: Morgan Stanley Research

% of S&P 500 Capitalization Currently, the energy sector accounts for only 2.6% of the S&P 500’s capitalization, while tech now accounts for 28%. Image: Financial Times

China GDP – Longer-Term Growth Divergence Between China and the Rest of the World The divergence between China and the rest of the world is expecting to increase over time. Image: Deutsche Bank