Estimated S&P 500 Valuation Depending on Election Outcome According to Goldman Sachs, a Democratic sweep could lift the S&P 500 Index to 3400 in the near-term, and to 3800 in mid-2021. Image: Goldman Sachs Global Investment Research
Seasonality – Median S&P 500 4Q Return Since 1985 When the S&P500 has returned between 0% to 5% for the first nine months, the median 4Q return has been 9%. Image: Goldman Sachs Global Investment Research
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