Conference Board Leading Economic Index (LEI) and S&P 500 This chart suggests that the Conference Board Leading Economic Index doesn’t lead the S&P 500 price performance. Image: Charles Schwab
Total R&D Investment – U.S. vs. China China’s R&D spending exceeds that of the United States, for the first time in history. The gap is expected to widen over time. Image: BofA Research Investment Committee
Map of the World’s Manufacturing Output The United States is the second world’s largest manufacturer, with $2.3 trillion in output (16.65% of world total in 2018). Image: howmuch.net
U.S. 10-Year Treasury Yield and Mortgages Rates U.S. treasury yields and mortgage rates aren’t following the usual pattern over the last 6 weeks (R² = 0.93). Image: Macrobond Financial
Citi Economic Surprise Index and S&P 500 This chart highlights the current divergence between the Citi Economic Surprise Index and the S&P 500. Image: BofA Global Research
Short Interest % of Market Capitalization S&P 500 Median S&P 500 short interest is on the decline. Image: Goldman Sachs Global Investment Research
Valuation – Emerging Market and Developed Market Countries – PE10 vs. 10-Year Forward Returns Valuation matters over time in the stock market. This chart shows the PE10 vs. subsequent 10-year CAGR (Compound Annual Growth Rate).…
Flows for the Broad U.S. Asset Classes: Stocks and Bonds Inflows into stocks and bonds this week (U.S. domiciled funds only). Image: BofA Global Research
Dow Jones Industrial Average Historical Performance Around Waterfall Declines vs. All Cases Since 2020 The rally since March low is stronger than any of the 13 previous post-waterfall bounces. Image: Ned Davis Research
Secular Bull Market – The S&P 500 and Its 200-Week Moving Average The 200-week moving average is a strong support level, suggesting that the secular bull market is still intact for the time being. Image:…
S&P 500 and Market Recoveries Historically, after a crisis, market recoveries came largely from multiple expansion. Image: Gavekal, Macrobond