U.S. Stock Market – Valuation Metric Is the U.S. stock market overvalued? By historical standards, many traditional valuation metrics look expensive. Image: Charles Schwab

Global Economic Strength Indices (Imports/Exports, Confidence, Inflation) Global trade is recovering after a period of weakness. That’s good news for inflation. Image: Arbor Research & Trading LLC

Emerging Markets Exports Value and MSCI Emerging Markets 12m Trailing EPS Chart suggesting that EM corporate profits are linked to the global trade cycle. Image: Gavekal, Macrobond

S&P 500 Index Total Return – Do the First 5 Days of a New Year Matter? Since 1950, when the first five days of a new year have been up more than 2%, the full…

S&P 500 Forward P/E Ratio S&P 500 to 3,550? “Bull markets don’t die of old age” but the forward P/E ratio of the S&P 500 remains at high level. Image: Truist

Valuation – Largest Company in Terms of Market Value in the S&P 500 At current level, Apple is the largest publicly traded U.S. company. Image: Financial Times

BofA Global Luxury Demand Indicator The global luxury demand indicator is now negative and falls to its lowest level since Q2 2016. Image: BofA Global Research

Leverage in the U.S.: Households and Corporations This chart shows the divergence between U.S. non-financial corporations leverage and households leverage. U.S. corporation debt reached a record level of $10.12tn. Image: Gavekal, Macrobond

Performance vs. S&P 500 by Uses of Cash S&P 500 companies using cash for mergers and acquisitions have outperformed since December 2017. Image: Goldman Sachs Global Investment Research

FAANG Stocks Dominate Returns since 2010 This chart shows the importance of FAANG stocks to the post-crisis market recovery. Image: Financial Times

S&P 500 Forward P/E Forecast Goldman Sachs forecasts a forward P/E of 18.6 by year-end, and a downside scenario at 16, depending on tariffs and the US election result. Image: Goldman Sachs Global Investment Research