S&P 500 Price Target for 2026 and 2027 Goldman Sachs is holding to its S&P 500 targets: 8,000 by year-end and 8,700 over the next 12 months. Earnings growth, not multiple expansion, is expected to power the rally. Image: Goldman Sachs Global Investment Research
Largecap MCG & Tech Positioning and Earnings Growth Tech positioning remains well below what expected earnings growth would suggest. That gap leaves room for a catch-up trade. Image: Deutsche Bank Asset Allocation
U.S. Equity Index P/E Valuations vs. History High valuations haven’t cooled demand for U.S. stocks. The Nasdaq 100 trades at 22 times forward earnings, the same as the Russell 2000 and above the S&P 500 at 19 times. Image: Goldman Sachs Global Investment Research
S&P 500 Returns Around Midterm Elections Midterm season has often been kind to U.S. stocks: The S&P 500 rose in 21 of the past 23 midterm cycles, from one month before Election Day to two months after. The median gain was 7%. Image: Deutsche Bank Asset Allocation
Mega-Cap Growth and Large-Cap Tech Positioning Positioning in mega-cap growth and large-cap Tech has cooled from its highs, returning to neutral territory at the 33rd percentile. Image: Deutsche Bank Asset Allocation
MSCI Cyclicals/Defensives Return A brighter growth outlook tends to lift cyclical stocks, while defensive stocks can help cushion portfolios when the economy slows. Right now, cyclicals relative to defensives are sliding sharply. Image: Goldman Sachs Global Investment Research
Median Short Interest Across U.S. Stocks Since 2022, traders have steadily built bearish bets on U.S. stocks. If momentum flips, those positions could quickly become fuel for a rally. Image: Deutsche Bank Asset Allocation
S&P 500 and Predecessors, Calendar-Year Price Returns Since 1928 The S&P 500 and its predecessors have finished higher in 73% of years since 1928. Risk never disappears, but staying bearish means fighting a long-standing tailwind. Image: Real Investment Advice
Truck Tonnage vs. S&P 500 Index The Truck Tonnage Index The Truck Tonnage Index increased 0.8% in September. Trucks represent 72.7% of U.S. freight and serve as a barometer of the U.S. economy. This chart shows that, historically, the U.S. stock market has tended to increase in line with the physical size and expansion of…
Five-Year Credit-Default Swaps on Hyperscalers and Chipmakers The AI boom is pushing credit risk to new highs. The race to build is becoming a race to borrow. And protection against default keeps getting more expensive. Image: Bloomberg
Central Bank Gold Demand Nowcast Gold buying by central banks has eased, but official-sector demand remains historically strong, helping diversify reserves and support prices. Image: Goldman Sachs Global Investment Research