Commodities – Commodity Price Shock, Percent of Consumer Spending The commodity price shock on consumers is not yet at the level of the 1970s. Image: Goldman Sachs Global Investment Research
Cyclicals vs. Defensives and 10-Year Breakeven Does stagflation pose a threat to markets? Image: Goldman Sachs Global Investment Research
Largest S&P 500 10-Day Returns During Prior Bear Markets The recent U.S. equity rally has been very strong. Image: BofA Global Research
Stocks – Nasdaq vs. Russell, MSCI USA Growth vs. Value and U.S. 10-Year Real Rate Will growth stocks continue to outperform value stocks despite rising real rates? Image: Goldman Sachs Global Investment Research
S&P 500 24-Month Forward Dividend Yield vs. U.S. 10-Year Rates Negative real rates are still supporting U.S. equities. Image: Goldman Sachs Global Investment Research
S&P 500 Equity Risk Premium and VIX The equity risk premium is sensitive to changes in the VIX. Image: Morgan Stanley Research
Valuation – S&P 500 Average Trailing P/E Ratio by 10-Year U.S. Treasury Yield Is the S&P 500 P/E ratio too high, based on interest rates? Image: Morgan Stanley Wealth Management
Performance – KBE/SPY Ratio vs. U.S. 10-Year Government Bond Yield With rates rising rapidly, will bank stocks outperform the S&P 500? Image: The Daily Shot
Frontier Markets Relative Performance Should long-term investors have frontier stocks in their portfolios, as FM valuations are decent? Image: Topdown Charts
Valuation – S&P 500 Average Trailing P/E Ratio by Inflation Rate Historically, highest valuations in the S&P 500 are achieved when inflation is below 3%. Image: Morgan Stanley Wealth Management
The Average Trajectory of the S&P 500 Before and After the First Fed Rate Hike over the Previous 10 Fed Tightening Cycles With rates rising rapidly, will the S&P 500 continue to rally? Image: J.P. Morgan