Seasonality – Average Monthly Total Return for the S&P 500 Index and Statistical Significance Over the past 20 years, July has been positive on average with a high confidence level. Image: Morgan Stanley Research

U.S. Labor Market Recovery Chart suggesting that the U.S. labor market recovery is stalling. Image: Goldman Sachs Global Investment Research

Coronavirus – U.S. Infections Outlook U.S. infections are expected to peak by mid-August. Image: Gavekal, Macrobond

S&P 500 Performance During Regular Trading Hours vs. Extended Hours Chart showing the performance divergence between regular trading hours and extended hours. Image: J.P. Morgan

Fiscal Policy Easing Response to Coronavirus Crisis The U.S. fiscal response to the coronavirus crisis is massive. Image: Goldman Sachs Global Investment Research

Ownership of U.S. Equities by Age Group Young individuals are less likely than their elders to own U.S. equities. Image: Goldman Sachs Global Investment Research

Use of Cash Is this the end of cash? The use of cash is declining faster than it did before the coronavirus pandemic. Image: Deutsche Bank Research

U.S. Equity Strategy – Cyclicals vs. Defensives and S&P 500 Morgan Stanley suggests that the S&P 500 has potential downside to 2800-2850, as the correction in early June is likely not over. Image: Morgan Stanley…

Debt as % of GDP by Global Sector Since the Global Financial Crisis, debt as % of GDP is much higher in the government and corporate sectors. Image: BofA Global Investment Strategy

U.S. Headline Retail Sales U.S. retail sales look V-shaped, but can it last? Image: Morgan Stanley Research

Seasonality – S&P 500 60-Day Rolling Forward Return On average, July 31 marks the start of the worst 60-day stretch for the S&P 500 since 1990. Image: Morgan Stanley Research