S&P 500 vs. U.S. Labor Market This chart highlights the wide divergence between the S&P 500 and the U.S. labor market. Image: Hondo Tomasz

% of Economies with Improving Manufacturing PMI vs. Previous Month Recent global manufacturing PMI data suggest the economic comeback is underway. Image: Morgan Stanley Research

Global Manufacturing PMI in June Global manufacturing PMIs rise to 48.9 in June, and suggest a V-shaped recovery in global economy. Image: Morgan Stanley Research

Coronavirus – Estimated Effective Reproduction Number in the U.S. The estimated effective reproductive number (Rt) at 1.10 suggests that the growth in the number of COVID-19 cases is accelerating in the United States. Image: Goldman…

Net Investor U.S. Equity Futures Positions vs. Robinhood Distinct User Positions in S&P 500 Stocks Is this going to end well? Goldman Sachs is starting to worry about valuation. Image: Goldman Sachs Global Investment Research

High Yield Volatility High yield volatility is likely to remain elevated from economic weakness. Image: Morgan Stanley Research

Quarterly Gain >15% and S&P 500 Index Return Big quarterly gains (>15%) tend to see continued strength. Image: LPL Research

Trade Globalization Will the coronavirus pandemic add momentum to the deglobalization trend? Image: BCA Research

Coronavirus – U.S. Population Weighted Share of States Modifying Reopening Policies Over 40% of the population has seen reopening reversed or halted in the United States. Image: Goldman Sachs Global Investment Research

Sentiment – AAII Bull/Bear Spread and S&P 500 Retail investors remain bearish, despite the market rally. Image: Morgan Stanley Research

S&P 500 Index Weights The S&P 500 has changed a lot over the last 100 years. Image: Morgan Stanley Research