U.S. Broad Nominal Trade-Weighted Dollar and 200-Day Moving Average After weeks of drift, the U.S. dollar’s rebound looks more than just noise, with key gauges—like the 200-day moving average—suggesting the move has technical legs, at least in the short run. Image: BCA Research
S&P 500 Cyclical-Adjusted P/E Ratio vs. Net Private Foreign Inflows to U.S. Equities If foreign capital inflows weaken or reverse, U.S. stock valuations could come under downward pressure as investors reassess risk amid high prices and seek alternatives. Image: Bloomberg
Performance – Value vs. Growth The U.S. market is experiencing outperformance in growth sectors driven by innovation and strong earnings, whereas value sectors dominate outside the U.S. due to slower earnings growth and differing economic dynamics. Image: Goldman Sachs Global Investment Research
S&P 500 Drawdown in DXY Dollar Index The U.S. equity drawdown has caused major losses for non-U.S. investors, as falling stock prices and a weaker dollar combined. This has prompted many to reconsider their currency risk strategies and exposure to U.S. equities. Image: Gavekal, Macrobond
Performance – Spread Between Quarterly Percentage Gains in S&P 500 Value and Growth Indexes Value stocks have significantly outperformed growth stocks in the first quarter of 2025. The upcoming earnings reports will play a pivotal role in determining whether this trend will persist or if growth stocks will reclaim their leadership. Image: Bloomberg