Structural Bull and Bear Markets Structural bear markets can be very painful for investors, as they can lead to prolonged periods of market decline and economic hardship. Image: Morgan Stanley Wealth Management

UK Equities Flows UK equities continue to experience outflows. Image: BofA Global Investment Strategy

Earnings – S&P 500 Trailing EPS vs. CPI Periods of high inflation can be harmful to earnings. Image: Morgan Stanley Research

S&P 500 Returns When >10% at the End of June When the previous year is negative, a strong performance of the S&P 500 in the first half of the year typically results in a solid…

S&P 500 Index vs. S&P 500 NTM EPS Divided by Moody’s BAA + Dividend Yield Is the S&P 500 at risk of a major correction? Image: Morgan Stanley Research

S&P 500 Monthly Performance the Past 10 Years Looking at the past 10 years, the S&P 500 has been up in July 90% of the time. Image: Carson Investment Research

S&P 500 Index and Margin Debt Can the YoY change in margin debt be interpreted as a positive sign for the S&P 500? Image: Morgan Stanley Wealth Management

Interest Rates – Cumulative Rate Cuts vs. Hikes There have been 470 interest rate hikes worldwide over the past two years. Image: BofA Global Investment Strategy

Recession – Diffusion Index of Every Possible Yield Curve Inversion The increasing number of inverted yield curves is a negative sign, but does not necessarily mean that a recession is imminent. Image: Macrobond

S&P 500 Index and Forward 12-Month Earnings Per Share The S&P 500 Index always follows earnings. Image: Morgan Stanley Wealth Management