Investment insights from Capital Group
Major stock markets have soared more than 25% from bear market lows
Sources: Capital Group, MSCI, Refinitiv Datastream, Standard & Poor’s. Data calculations reflect total returns in USD. Price-to-earnings-per-share (P/E) multiples are calculated on a forward 12-month basis. Current price to earnings (P/E) ratio is a metric widely used to determine whether a company is overvalued or undervalued. It is calculated by dividing the company's current share price by earnings per share. Data as of June 30, 2023. The bear market in the S&P 500 that began on January 3, 2022, reached its lowest point, or market cycle bottom, on October 12, 2022. Past results are not predictive of results in future periods.
Investors’ flight to cash has been followed by strong returns
Sources: Capital Group, Bloomberg Index Services Ltd., Investment Company Institute (ICI), Standard & Poor’s. As of June 30, 2023. Past results are not predictive of results in future periods.
The broader S&P 500 has shown solid gains after a narrow market rally
Sources: Capital Group, Refinitiv Datastream, Standard & Poor’s. Significant declines in market breadth are measured as dates upon which the ratio of the S&P 500 Equal Weight Index to the S&P 500 Index falls below the first quintile, or 20%, of the total range between 12/31/2004 and 7/5/2023. The value of the S&P 500 Equal Weight Index reflects the simple average of price changes across every index constituent, while the S&P 500 Index applies a weighted average based on market capitalization. As a result, a declining ratio between the S&P 500 Equal Weight Index and the S&P 500 Index reflects a higher concentration of positive returns among a smaller number of index constituents. The forward return averages above are calculated based upon the dates that fall within the bottom 20% of the range (first quintile) in which market leadership has been most concentrated. Past results are not predictive of results in future periods. As of July 5, 2023.
過去の実績は将来の成果を保証するものではありません。投資の価値および投資収益は減少することも増加することもあり、当初投資額の一部または全部を失うことがあります。本情報は投資、税務もしくはその他の助言の提供、または証券の売買の勧誘を意図するものではありません。
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