U.S. Stocks Relative to Bonds

U.S. Stocks Relative to Bonds U.S. stocks are at their strongest relative to bonds since Trump’s inauguration, supported by persistent risk appetite and the perception of U.S. market resilience amid global uncertainty. Image: Bloomberg

Median S&P 500 Stock Short Interest as % of Market Capitalization

Median S&P 500 Stock Short Interest as % of Market Capitalization The elevated median short interest in the S&P 500 for 2025 suggests that investors are more cautious, but it does not yet signal widespread bearishness or panic. Image: Goldman Sachs Global Investment Research

Foreign Investor Ownership Share of U.S. Equity Market

Foreign Investor Ownership Share of U.S. Equity Market Foreign investors now hold a record 18% of U.S. stocks, but shifting trade policies and global economic uncertainties may affect future investment in American equities. Image: Goldman Sachs Global Investment Research

S&P 500 3-Month Realized Average Stock Correlation

S&P 500 3-Month Realized Average Stock Correlation U.S. stock correlations have recently surged to their highest levels since late 2022, indicating that stocks are moving more in tandem than usual—a trend that typically emerges during periods of heightened uncertainty or market stress. Image: Goldman Sachs Global Investment Research

Google Searches for “Global Financial Crisis” and “Great Recession”

Google Searches for “Global Financial Crisis” and “Great Recession” While fears of a 2025 tariff-driven recession evoke memories of 2008, some investors see today’s prevailing pessimism as a contrarian bullish signal for stocks. Historically, extreme bearish sentiment has often marked market bottoms. Image: CNBC

Ownership Breakdown of the U.S. Equity Market

Ownership Breakdown of the U.S. Equity Market (Share of Corporate Equity Market) U.S. households own 38% of the U.S. equity market, demonstrating strong confidence in stocks. However, stock ownership is highly concentrated, with the wealthiest 10% holding approximately 90% of all household-owned equities. Image: Goldman Sachs Global Investment Research

Median S&P 500 Stock Bid-Ask Spread

Median S&P 500 Stock Bid-Ask Spread Bid-ask spreads for S&P 500 stocks have widened significantly in recent trading sessions, driven by heightened market volatility and liquidity strains. Image: Goldman Sachs Global Investment Research

Conference Board 1-Year Expectation Stock Prices Increase vs. S&P 500

Conference Board 1-Year Expectation Stock Prices Increase vs. S&P 500 The Conference Board’s latest Consumer Confidence survey reveals the sharpest two-month drop in stock market expectations—a level of pessimism that historically signals a contrarian buying opportunity. Image: Fundstrat Global Advisors, LLC