Our S&P 500 Index year-end 2020 fair value target range of 3,250–3,300 is based on a price to-earnings (P/E) ratio of 18.75…

Fundamentals and yields appear good in real estate, but interest-rate sensitivity and our preference for cyclical sectors lead to our neutral view….

Relative valuations and the latest move higher in interest rates favor value stocks, but recent Federal Reserve (Fed) rate cuts and slowing economic growth favor growth…

We have maintained our S&P 500 Index year-end fair value target of 3,000 even as the index hovers near that level following recent progress on U.S.-China trade discussions…

We favor large caps as the business cycle ages, though recent small cap strength suggests large cap leadership may have been stretched…