U.S. Stock Market – Earnings and Valuation The valuation is high relative to history, but not near historical extremes. The U.S. stock market should remain under pressure until Q3 earnings season. Image: Fidelity Investments

Equity Markets and QE Chart suggesting that equity markets tend to move higher during QE periods. Image: J.P. Morgan

U.S. 10-Year Real Rate Leads S&P 500 Future Chart suggesting that the U.S. 10-year real rate leads the S&P 500 future by 22 days. Image: Nordea and Macrobond

Global Manufacturing Activity The number of countries in contraction is higher than the number of countries in expansion. Image: Financial Times

Gold in Real Terms Since 1960 Gold peaked on January 21, 1980 and would need to rise to $2,764/oz to make new peak. Image: Deutsche Bank Global Research

The Fed’s Treasury Holdings by Maturity Nice chart showing the Fed’s Treasury holdings by maturity before and after the financial crisis. Image: Reuters

How Much Tariffs Could Cost Each State? This chart shows how much each state would be affected by China’s export tariffs. Image: howmuch.net

S&P 500 20-Year Annualized Return This chart puts the last two decades into perspective (average 7.4% annualized return since 1960). Image: Ryan Detrick, LPL Financial LLC

S&P 500 Equity Risk Premium and Global DM Composite PMI Nice chart showing that the equity risk premium of the S&P 500 is currently elevated. Image: JDI research

World GDP and Real Commodity Price Returns Interesting chart showing the correlation between world GDP and real commodity price returns. Image: Oxford Economics, Macrobond

Fed Rate Cut vs. ISM Manufacturing Index and ISM Non-Manufacturing Index Since 1997, when the ISM Manufacturing Index is below 50 and the ISM Non-Manufacturing Index is above 52, the Fed is less aggressive, with…