U.S. Real GDP Growth Goldman Sachs sees the U.S. economy holding steady, with growth of 2.2% in 2026 and 2.1% in 2027, in line with consensus, as the labor market continues to show resilience. Image: Goldman Sachs Global Investment Research
U.S. Real Retail Sales and Recession U.S. real retail sales stand at 3.15% YoY. About 70% of U.S. GDP is personal consumption. In the past, U.S. real retail sales trended sideways before the recession began.
10-Year Annualized Performance vs. The Market of The Best Performing U.S. Sector Tech outperformance has been unusually strong and unusually long, marking one of the most concentrated, longest-running spells of sector leadership in recent market history. Image: Goldman Sachs Global Investment Research
S&P 500 Annual vs. Intra-Year Returns History shows the S&P 500 usually takes a 5%–10% hit sometime during the year. After March’s double-digit drop, the next leg down could be shallower. Back-to-back big hits are rare. Image: Real Investment Advice
Forward P/E Ratio and Subsequent 5-Year Annualized Returns With U.S. equities still priced for perfection, the next five years could bring slimmer returns. These are outstanding businesses, but valuation still matters. Even the best names can disappoint if you pay too much. Image: J.P. Morgan Asset Management
Ratio of Bitcoin to Production Cost Bitcoin is trading around $64,000, well below JPMorgan’s estimated $80,000 production cost, a sharp divergence that still hasn’t shaken the bank’s long-term bullish view. Image: J.P. Morgan
Sentiment – Risk Appetite and Expected U.S. Equity Market Performance Risk appetite among U.S. equity fund managers held up in July, though it was hardly enthusiastic. Valuations, geopolitics and monetary policy are still weighing on near-term return expectations. Image: S&P Global Market Intelligence
Cumulative Flows to Cryptocurrency Funds For two straight months, crypto funds have faced relentless outflows, with Bitcoin vehicles taking the heaviest hits. Now the flow picture is improving as buyers step back in. Image: Deutsche Bank Asset Allocation
S&P 500 Real Revenue per Employee AI is already lifting productivity in some tasks. Over time, that could mean more sales per employee. Image: Goldman Sachs Global Investment Research
Rolling 20-Week Correlations of the S&P 500 to the Usual Havens During this decade’s market shocks, traditional havens have too often failed to hedge, frustrating investors who assumed they would shield portfolios. The takeaway: diversification has to be multidimensional and adaptive. Image: Deutsche Bank
U.S. Broad Money (M2) After shrinking in 2022 and 2023, U.S. M2 growth has continued to expand. That’s good news for nominal spending and asset prices, but it also brings the familiar inflation question back into focus if money growth and velocity both stay hot. Image: Gavekal, Macrobond