Peak to Trough Decline in LTM S&P 500 EPS during 11 Recessions Since 1947 Goldman Sachs expects EPS to fall 33% in the United States (base case scenario). Image: Goldman Sachs Global Investment Research

Top 15 Worst First Quarters for the Dow Jones Industrial Average The Dow Jones Industrial Average recorded its worst first quarter ever. Historically, the median annual loss was 3.5%. Image: CNBC

U.S. ISM Manufacturing New Orders Index and U.S. GDP (Leading Indicator) The U.S. ISM Manufacturing New Orders Index is at the lowest level since 2009 and tends to lead U.S. GDP by 5 months. Image:…

Bear Market – Post-Waterfall Decline Environment in Dow Jones Industrial Average After waterfalls, retests are common. The Dow Jones Industrial Average breaks low 69% of time, by median of 2.4% and within a median of…

S&P 500 Index Bear Market Bounces Since 1950, the average max bounce during 9 bear markets has been +14.5%. Image: LPL Research

Debt and Deficits in Euro Area and U.S. Debt and deficits in the euro area and in the United States are expected to increase significantly. Image: Deutsche Bank Research

Real Yield on U.S. Corporate Bond IG & HY vs. Equity Earnings Yield Real yields on U.S. corporate bonds (IG & HY) exceed equity earnings yield Image: Gavekal, Macrobond

Flow of Funds Annual U.S. Treasury Purchases by Sector Money market mutual funds and the Fed will buy the vast majority of new Treasury supply in 2020. Image: Goldman Sachs Global Investment Research

U.S. Conference Board Consumer Confidence Index vs. S&P 500 The U.S. Conference Board Consumer Confidence Index is still high compared to previous bear market bottoms. Image: Tomasz Hońdo

U.S. Real GDP vs. Stock-to-Bond Ratio and Recession This chart shows the correlation between US real GDP and the stock-to-bond ratio, and suggests a recession in the United States. Image: Alpine Macro

Emerging Market Currencies Crash Emerging market currencies have been pummeled by the coronavirus pandemic and the oil crisis. Image: Financial Times