Category: Blog

U.S. Unemployment Rate Continues Recovery U.S. unemployment rate drops to 7.9%, but job growth slowed in September. Image: BofA

U.S. Inflation and Biden Policies Fiscal stimulus is expected to produce somewhat higher inflation. Image: Goldman Sachs Global Investment Research

S&P 500 2020 Earnings Growth Estimates The estimated decline in earnings for the S&P 500 could mark the second largest year-over-year decline in earnings since 2009. Image: J.P. Morgan

Gold vs. U.S. Real Yield What really matters for gold are real yields. Image: Jeroen Blokland

Style Index Performance During Periods of Decelerating and Accelerating S&P 500 Earnings Growth – Russell 1000 Value vs. Growth Is it time for investors to favor value stocks, as Value tends to beat Growth when profits accelerate? Image: BofA US Equity & Quant Strategy

China Stocks – New Economy Relative to Old Economy China’s new economy stocks featured higher profitability and revenue growth. Image: Morgan Stanley Research

Cash to Shareholders Companies slashed payouts to shareholders in an attempt to stem the financial damage caused by the coronavirus pandemic. Image: J.P. Morgan

Potential Impact of Biden-Harris Policy Agenda on S&P 500 EPS The S&P 500 EPS forecast depends on fiscal stimulus and corporate tax reform.  Image: Goldman Sachs Global Investment Research

Where Are We In The Cycle? Morgan Stanley expects a Goldilocks recovery in 2021, along with benign inflation and accomodative policies. Image: Morgan Stanley Research

S&P 500 Valuation – Average 12m Fwd P/E and Y/Y Headline Inflation Chart suggesting that rising inflation is good for P/E until inflation exceeds 3%. Image: Goldman Sachs Global Investment Research

U.S. Dollar Against the Euro Bets against the U.S. dollar versus the euro remain stretched. Image: The Wall Street Journal