Median Relative Return vs. S&P 500 During 12 Months Following Start of Fed Cutting Cycle During periods when the Fed cuts interest rates, the healthcare and staples sectors have shown relatively stronger performance compared to the broader market. Image: Goldman Sachs Global Investment Research
S&P 500 – % Stocks That Are Within 10% of Their All-Time Highs Highs The S&P 500 is nearing its all-time high, but only 24% of individual stocks are within 10% of their peak levels, raising concerns about market health, as gains are driven by a few large-cap stocks while others struggle to recover. Image:…
Global High Yield Bond Prices High-yield bonds are often called the “canary in the coal mine”, as they are seen as a leading indicator of the health of the economy. Image: BofA Global Investment Strategy
Equity Markets – Absolute Net % OW (by Sector), FMS Investors Are healthcare, staples and energy the best sectors to invest in right now? Image: BofA Global Fund Manager Survey
Returns – S&P 500 Industry Group Sensitivity to Real Rates and Breakeven Inflation Should investors overweight healthcare and financials for 2022? Image: Goldman Sachs Global Investment Research
Median Quarterly Excess Return in Stagflationary Periods Health care and energy tend to outperform in stagflationary environments. Image: Goldman Sachs Global Investment Research
Gold to Copper Ratio The gold-to-copper ratio is a reliable barometer of global economic health. Image: Alpine Macro
Emerging Market Stocks – EM Consumer Discretionary + Tech vs. EM Energy + Materials This chart highlights the secular rotation from healthcare/tech to energy/financials. Image: BofA Global Investment Strategy
Markets – U.S. Rate Moves Over the recent months, U.S. rate moves have generally been “healthy”. Image: BofA Global Research
Sector Implied Volatility Spread vs. S&P 500 More volatility to come for health care? Image: Goldman Sachs Global Investment Research
Is Tech in a Bubble? – Global Equity Market, Technology with Shiller PE This chart suggests that on every metric, global tech is much healthier than it was during the internet bubble. Image: Pictet Asset Management