(Fig. 6) Cumulative returns through the first 10 months of 2023.
As of November 30, 2023.
* The Magnificent 7 are Apple, Alphabet, Amazon, Meta, Microsoft, NVIDIA, and Tesla. Performance results shown are capitalization‑weighted averages.
The specific securities identified and described are for informational purposes only and do not represent recommendations.
Source: Standard & Poor’s (see Additional Disclosures). T. Rowe Price analysis using data from FactSet Research Systems Inc. All rights reserved.
Past performance is not a reliable indicator of future performance.
(Fig. 7) Forward 12‑month price/earnings (P/E) ratios.*
As of November 20, 2023.
*Based on consensus earnings forecasts. Ranges and medians are for the 20 years ended November 2023 using monthly P/Es. U.S. = MSCI USA Index; All Country World = MSCI All Country World Index;
Japan = MSCI Japan Index; Europe = MSCI Europe Index; EM = MSCI Emerging Markets Index.
Source: Goldman Sachs Investment Research.
For illustrative purposes only. This is not intended to be investment advice or a recommendation to take any particular investment action.
Thinking
Reasons for caution and optimism as we enter a new economic regime.
The fixed income market has vastly changed, and will require investors to keep pace.
Tectonic Shifts Create New Opportunities
Each month, our Investment Committee prepare a report revealing the two market themes they are watching, their bull and bear views per region and their latest asset class over and underweights.It has been designed to aid you in your decision making and client conversations.