Fiscal and Monetary Policy – S&P 500 Real Total Return vs. the Fed Balance Sheet This chart shows the S&P 500 Real Total Return vs. the Fed balance sheet since 1937. Image: Fidelity Investments

Coronavirus Crisis and Bankruptcies So far, bankruptcies in the United States remain limited. Image: Goldman Sachs Global Investment Research

Coronavirus Lockdown Measures and Impact on Global Real GDP According to Goldman Sachs, coronavirus lockdown measures have reduced global GDP by an estimated 16%. Image: Goldman Sachs Global Investment Research

Fiscal Policy – U.S. Fiscal Response to Coronavirus and Global Financial Crisis This chart puts into perspective the massive U.S. fiscal response to the coronavirus pandemic in 2020. Image: Goldman Sachs Global Investment Research

G4 Central Bank Balance Sheet, Flow The combined G4 central bank balance sheet (Fed, ECB, BoJ, BoE) is expected to expand further. Image: J.P. Morgan

Earnings Declines During Recessions Historically, earnings tend to decline by a median of 18% during an U.S. recession. Image: LPL Research

U.S. Stock Value (HML) Drawdowns Is traditional value investing dead? Value factor is down -51% from the peak. Image: Professor Kenneth R. French

S&P 500 vs. Russell 2000 The Russell 2000 has underperformed recently. Tech accounts for 25% of the S&P 500 vs. 15% of the Russell 2000. Image: Goldman Sachs Global Investment Research

Earnings Price Yield for S&P 500 Minus Maturity of 10-Year Treasuries This chart suggests that equities are more attractive relative to fixed income. But the equity risk does not disappear because the spread (earnings yield minus…

ISM PMI and S&P 500 Monthly Return Historically, the best returns for the S&P 500 have been seen when ISM is low and rising. Image: Credit Suisse Research

China Manufacturing PMI China Manufacturing PMIs suggest ongoing recovery, after a deep contraction in the first quarter. Image: J.P. Morgan