Valuations and Peak of an Equities Rally Market participants are buzzing about an AI bubble with valuations sky-high. But ditching stocks now could mean missing the late-game rally—volatility shows we’re not in full-blown mania just yet. Image: Goldman Sachs Global Investment Research
U.S. Share Buyback Authorization Announcements Wall Street’s latest high? Over $1 trillion buyback binge as Corporate America goes all‑in to keep shares flying and investors’ spirits high. Image: Goldman Sachs Global Investment Research
VIX Seasonality Volatility flare-ups aren’t uncommon this time of year, as political risk and trade tensions bubble back to the surface, sending ripples of anxiety through global markets. Image: Topdown Charts
Policy Uncertainty Index vs. S&P 500 Index Policy uncertainty often rattles markets—but those jitters tend to be short-lived, with volatility typically hitting peak levels near market lows. Image: Real Investment Advice
The 2009 S&P 500 Bull Market Compared With This One No market cycle is identical, but the S&P 500’s path since 2022 looks like a remix of the 2009–2020 bull market—same mid‑cycle pullback, same setup for another leg higher, much to the bulls’ delight. Image: Carson Investment Research
Spot Gold and 14-Day Relative Strength Index Overbought signals in gold—seen in its RSI and price action—are raising the odds of near-term profit-taking, but strong fundamentals keep the bullish trend alive for the months ahead. Image: Bloomberg
S&P 500, Russell 2000, Stoxx 600 and EM Equities – 12-Month Forward EPS Consensus Estimates Market leadership is widening. U.S. small-caps are catching up fast as EPS growth fires up in both the S&P 500 and Russell 2000—a clear sign the rally is broadening beyond the tech giants. Image: Societe Generale Cross Asset Research
12-Month Forward ROE Ranges for Different MSCI Regions A higher ROE points to stronger profitability—and often justifies a premium—but U.S. equity valuations also hinge on growth expectations, risk sentiment, liquidity, and investor psychology. Image: Goldman Sachs Global Investment Research
S&P 500 Valuations The S&P 500’s current valuation places it alongside two standout episodes of market excess—the late-1990s dot-com mania and the 2021 stimulus-fueled rally—raising a yellow flag for investors who fear a stretch of muted returns. Image: Topdown Charts
Positions in S&P 500 Equity Futures by Asset Managers and Leveraged Funds U.S. stocks are hitting record highs, but asset managers and leveraged funds are still running light on S&P 500 futures—leaving plenty of fuel for this rally to run even hotter. Image: Bloomberg
Weight of Tech as % of Total U.S. Market Tech doesn’t just lead the U.S. stock market—it defines it with roughly 40% of the total U.S. market cap. That tight link raises a bigger question: when the sector’s grip loosens, will the market still stand on its own? Image: Goldman Sachs Global Investment Research