Category: Blog

Trend for Nasdaq vs. S&P 500 The trend for Nasdaq vs. S&P 500 hit the highest level since the dotcom bubble, as investors have favored growth stocks. Image: BofA Global Research

Conference Board Leading Economic Index (LEI) and S&P 500 This chart suggests that the Conference Board Leading Economic Index doesn’t lead the S&P 500 price performance. Image: Charles Schwab

Total R&D Investment – U.S. vs. China China’s R&D spending exceeds that of the United States, for the first time in history. The gap is expected to widen over time. Image: BofA Research Investment Committee

Map of the World’s Manufacturing Output The United States is the second world’s largest manufacturer, with $2.3 trillion in output (16.65% of world total in 2018). Image: howmuch.net

U.S. 10-Year Treasury Yield and Mortgages Rates U.S. treasury yields and mortgage rates aren’t following the usual pattern over the last 6 weeks (R² = 0.93). Image: Macrobond Financial

Citi Economic Surprise Index and S&P 500 This chart highlights the current divergence between the Citi Economic Surprise Index and the S&P 500. Image: BofA Global Research

Short Interest % of Market Capitalization S&P 500 Median S&P 500 short interest is on the decline. Image: Goldman Sachs Global Investment Research

Valuation – Emerging Market and Developed Market Countries – PE10 vs. 10-Year Forward Returns Valuation matters over time in the stock market. This chart shows the PE10 vs. subsequent 10-year CAGR (Compound Annual Growth Rate). Image: Topdown Charts

Flows for the Broad U.S. Asset Classes: Stocks and Bonds Inflows into stocks and bonds this week (U.S. domiciled funds only). Image: BofA Global Research

Dow Jones Industrial Average Historical Performance Around Waterfall Declines vs. All Cases Since 2020 The rally since March low is stronger than any of the 13 previous post-waterfall bounces. Image: Ned Davis Research

Secular Bull Market – The S&P 500 and Its 200-Week Moving Average The 200-week moving average is a strong support level, suggesting that the secular bull market is still intact for the time being. Image: Credit Suisse