S&P 500 YoY Percent Change vs. Debit Balances in Margin Accounts YoY Net Change Investor margin accounts tend to be closely correlated with the S&P 500. Image: Morgan Stanley Research
ISM Manufacturing PMI and S&P 500 Operating Margin The Manufacturing Purchasing Managers Index has peaked. Will S&P 500 operating profit margins roll over? Image: Morgan Stanley Wealth Management
S&P 500 Index Operating Margin and U.S. Corporate High Yield Index High yield bonds may suggest a decline in corporate operating margins. Image: Morgan Stanley Wealth Management
U.S. NIPA Profit Margins and Recessions U.S. corporate profits are booming. Image: Oxford Economics
S&P 500 Index vs. Margin Debt Should investors be worried that the margin debt growth rate falls below 50%? Image: Lohman Econometrics
S&P 500 vs. Peaks in Real Profit Margins When will the S&P 500 fall? Keep an eye on real profit margins. Image: Real Investment Advice
Corporate Profits – S&P 500 Index Trailing 12-Mo. Operating Margin and U.S. CPI Less U.S. PPI The gap between CPI and PPI is deeply negative. Are U.S. coporate profits at risk in the next 12 months? Image: Morgan Stanley Wealth Management
S&P 500 (Top) and Margin Debt (Bottom) In recent history, margin debt tends to peak in advance of highs in the S&P 500. Image: BofA Global Research Click the Image to Enlarge
Valuation – Margin-Adjusted Price/Earnings Ratio on U.S. Stocks and U.S. Stocks Price/Revenue Ratio Will central bank liquidity continue to push valuations higher indefinitely? Image: Financial Times
FAANGM Stocks vs. S&P 500 – Operating Margin, Return on Equity and Return on Assets Will FAANGM stocks continue to drive the S&P 500 higher? Image: Alpine Macro
U.S. Equities – Margin Debt Since 1960 Is the growth of margin debt a concern? Image: Morgan Stanley Research