Category: Blog

Delinquencies as % of Total Loans This chart shows the highest mortgage delinquency rate in nine years. Image: The Daily Shot

Estimated S&P 500 Earnings Impact Based on Biden’s Proposals Joe Biden’s tax proposal could significantly reduce S&P 500 earnings, if passed into law. Image: BofA US Equity & Quant Strategy

U.S. Small Caps – Ratio of Russell 2000 vs. S&P 500 Chart suggesting that small stocks are no longer providing big gains for investors Image: Financial Times

U.S. 10-Year Yields Around the End of the Recession The coronavirus pandemic has depressed the 10-year yield, leaving it stuck, even as the stock market rebounds. Image: J.P. Morgan

FMS Investors – Early-Cycle vs. Recession FMS investors are becoming more optimistic, starting to think early-cycle rather than recession. Image: BofA Global Fund Manager Survey

Drawdowns – S&P 500 vs. High Yield The high-yield sector has been relatively resilient during the recent drawdown episode. Image: Fidelity Investments

U.S. JOLTS Survey vs. 10-Year U.S. Treasury Yield As macroeconomic data continue to improve, how long can yields resist the recovery? Image: Morgan Stanley Wealth Management

FMS Investors and Bull Market Net 46% of FMS investors say “it is a bull market”, no longer a “bear market rally” (35%). Image: BofA Global Fund Manager Survey

Annual S&P 500 EPS Growth Through 2022 Goldman Sachs expects S&P 500 earnings to contract by 21% this year, before rebounding by 30% in 2021 and 11% in 2022. Image: Goldman Sachs Global Investment Research

U.S. Real Retail Sales during 7 Recessions since 1970 The rebound in U.S. real retail sales is a V-shaped recovery, but can it last? Image: Pictet Asset Management

Sentiment – U.S. Dollar (USD) and Euro (EUR) The EU recovery fund provides more support for the euro. But is the reign of the U.S. dollar as the world’s reserve currency under threat? Image: BofA Global Research FX and Rates Sentiment Survey