S&P 500 Median Stock Net Leverage
S&P 500 Median Stock Net Leverage Net leverage of the median S&P 500 companies reached new highs, above 1.8. Image: Goldman Sachs Global Investment Research
S&P 500 1-Month Realised Volatility History
S&P 500 1-Month Realised Volatility History This chart shows that the last 90 years have been split equally between high, low and normal volatility regimes. Image: Goldman Sachs Global Investment Research
U.S. Stocks with High China Sales vs. S&P 500
U.S. Stocks with High China Sales vs. S&P 500 US-China trade war affects the relative performance of U.S. stocks with high China sales vs. the S&P 500 index. Image: Goldman Sachs Global Investment Research
Share Buybacks by Month
Share Buybacks by Month Excluding 2008, August and November are generally the busiest months for buyback executions in the past decade. Image: Goldman Sachs Global Investment Research
Estimated Tariff Impact on Core Inflation
Estimated Tariff Impact on Core Inflation President Trump’s decision to increase the tariff rate will lead to a greater boost to U.S. consumer prices. Image: Goldman Sachs Global Investment Research
S&P 500 Forecast for 2019
S&P 500 Forecast for 2019 Goldman Sachs is holding its year-end price-target for the S&P 500 at 3100, and its downside scenario at 2620 (as of August 23, 2019). Image: Goldman Sachs Global Investment Research
Trade War and Financial Conditions Index
Trade War and Financial Conditions Index The trade war has tightened the Goldman Sachs FCI by about 60bp cumulatively. The Goldman Sachs Financial Conditions Index (FCI) is a weighted sum of a long-term corporate yield, a short-term bond yield, the exchange rate, and a stock market variable. Image: Goldman Sachs Global Investment Research
Fed Dovish Pivot – Stimulus Hopes Support Risk Appetite
Fed Dovish Pivot – Stimulus Hopes Support Risk Appetite Growth sentiment appears to be stabilizing, due to optimism about fiscal policy. Image: Goldman Sachs Global Investment Research
Effect of the Trade War on U.S. Real GDP Growth
Effect of the Trade War on U.S. Real GDP Growth Assuming no further escalation, the trade war drag on U.S. growth is expected to peak at about -0.4% in the second half of 2019. Image: Goldman Sachs Global Investment Research
S&P 500 Short Interest
S&P 500 Short Interest This chart shows that S&P 500 short interest rebounded from cycle lows (as of July 31, 2019). Image: Goldman Sachs Global Investment Research