Gold – Global Central Bank Holdings Central bank gold demand cycles respond to global economic and political factors. Recently, demand has increased amid financial instability, currency trust concerns, inflation, sanctions, and geopolitical conflicts. Image: Goldman Sachs Global Investment Research
S&P 500 EPS Growth Analysts project 7% year-over-year earnings growth for the S&P 500 in both Q3 and Q4 of 2025. Image: Goldman Sachs Global Investment Research
S&P 500 Use of Cash The strength of S&P 500 capex growth in 2025 reflects broad-based increases, led by tech-driven investments and strategic shifts toward domestic production and automation, all supported by expectations of strong returns. Image: Goldman Sachs Global Investment Research
Weekly Bond Fund Flows Bond funds continue to attract substantial inflows, remaining appealing investment vehicles amid inflation control efforts, modest economic growth, and uncertain interest rate trajectories. Image: Deutsche Bank Asset Allocation
Citi U.S. Earnings Revision Index and S&P 500 Index The strong trend in earnings upgrades and positive forward guidance explains why the S&P 500 has repeatedly reached new record highs, reflecting solid corporate profitability and optimistic analyst outlooks for the near-term future. Image: Bloomberg
Median 1-Year U.S. Inflation by Party Inflation expectations in the U.S. over the coming 12 months differ sharply along partisan lines, with Republicans anticipating low inflation and Democrats expecting it to rise significantly. Image: Fundstrat Global Advisors, LLC
U.S. Tariff Costs Goldman Sachs forecasts that by October 2025, U.S. businesses will absorb just 8% of Trump-era tariff costs—down from 64%—while the share borne by U.S. consumers rises to 67%. This shift is expected to drive consumer prices higher. Image: Goldman Sachs Global Investment Research
Monthly U.S. Equity Mutual Fund and ETF Flows Weak U.S. equity fund flows indicate investor concerns about trade policy uncertainty, which is dampening economic growth and increasing market volatility, alongside a cautious near-term outlook for U.S. equities. Image: Goldman Sachs Global Investment Research
U.S. Real Retail Sales and Recession In July, U.S. real retail sales stand at 1.15% YoY. About 70% of U.S. GDP is personal consumption. In the past, U.S. real retail sales trended sideways before the recession began.
Year/Year EPS growth – Magnificent 7 vs. S&P 493 While mega-cap tech firms are expected to continue delivering above-average earnings growth, the exceptional premium they have maintained compared to the rest of the market is likely to moderate in 2026. Image: Goldman Sachs Global Investment Research
NFIB Confidence vs. U.S. Small-Cap Stocks The NFIB Small Business Survey’s annual rate of change closely mirrors U.S. small-cap stock performance, making the NFIB index a key economic indicator for investors in this market segment. Image: Real Investment Advice