Relative P/E of Value Stocks vs. S&P 500 vs. U.S. Manufacturing PMI Index BofA remains bullish on value stocks in the coming months, due to improving macro conditions. Image: BofA U.S. Equity and Quant Strategy
Gold Prices vs. Commodities The declining correlation between the price of gold and commodities may suggest that the commodity bear super-cycle is nearing its end. Image: Wells Fargo Investment Institute
U.S. Market Breadth At the dotcom bubble peak, the percentage of stocks outperforming the S&P 500 was 27% vs. 42% today (the historical average is 48%). Currently, the relative market breadth isn’t as extreme as it was in 2000. Image: Fidelity Investments
Philly Fed Manufacturing Index and Empire State Manufacturing Survey and ISM Manufacturing Index Despite the coronavirus, both regional PMIs suggest an increase in U.S. ISM manufacturing this month. Image: Swedbank Research
U.S. 10-Year Treasury Note Yield Year-Over-Year Change Explained Chart suggesting that the slowing industrial economy and inflation explain U.S. 10-year Treasury note yield. Image: Arbor Research & Trading LLC
U.S. Nonstore Retail Sales This chart puts into perspective U.S. nonstore retail sales, which are a proxy measure for ecommerce performance. Image: The Daily Shot
U.S. Output Gap as % of Potential GDP and U.S. Wage Growth (Leading Indicator) Chart suggesting that US output gap as % of potential GDP tends to lead US wage growth by one year. Image: Pictet Asset Management
Inequality – Contribution to the Saving Rate by Income Quintile in the U.S. The top 20% of households account for almost all the savings in the United States. Image: Goldman Sachs Global Investment Research
Central Bank Balance Sheet Expansion and Local Stock Returns Central bank balance sheet expansion matters, but not as much as investors think. Image: Jeroen Blokland
Top 10 Countries by Share of Global Manufacturing Output China manufacturing accounted for 28.4% of the country’s total economic output. Could the ripple effects of the coronavirus affect China’s ranking? Image: Statista
Does Quantitative Easing Affect Valuation? More fundamentally, low interest rates, high margins, low taxes, buybacks & free cash flow drive stocks higher. Image: Fidelity Investments