Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page.
© 2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC. 
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
M&T Bank  Equal Housing Lender. Bank NMLS #381076. Member FDIC. 
Investment and Insurance Products   • Are NOT Deposits  • Are NOT FDIC Insured  • Are NOT Insured By Any Federal Government Agency  • Have NO Bank Guarantee  • May Go Down In Value  
Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.

Decades of U.S. market dominance

Since WWII, U.S. economic strength has translated into higher market valuations and profitability than the rest of the world. But long-term outperformance does not predict future winning streaks.

6 of 10

THE U.S. LAYS CLAIM TO 6 OF THE TOP 10 MOST PROFITABLE STOCKS GLOBALLY.1Disclosure number, please reference additional details in the Disclosures section at the bottom of this page.

Bloomberg, Forbes Global 2000 List. Profit measured by net income reported for the trailing 12-month period.

68%

THE U.S. MARKET HAS RAISED ITS SHARE TO 68% OF GLOBAL MARKET CAP.2Disclosure number, please reference additional details in the Disclosures section at the bottom of this page.

Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic, International Monetary Fund, as of October 2021.

The drivers of outperformance

Maintaining a leading edge can be attributed to factors that relate directly to economic resilience.

Stock market ticker

1

Valuations

Innovation and policy response in the past two recessions fueled U.S. stock valuation expansion.

2

Profitability

The superior U.S. stock profit profile is responsible for about 16% of cumulative U.S. outperformance since 2007.3Disclosure number, please reference additional details in the Disclosures section at the bottom of this page.

1.2% divided by 7.4% outperformance.

3

Currency and liquidity

The strength of the U.S. dollar and the magnitude of fiscal and monetary stimulus has supported U.S. stock market returns.

Is the U.S. market overpriced?

While stock valuations have increased as a result of the nation’s innovative advantage and favorable borrowing environment, there is still great profit potential for U.S. companies, offering the opportunity to grow into those valuations over time. The U.S. market does not look overly expensive. But multiple expansion relative to the rest of the world would likely require a new catalyst and should not be counted on as a singular driver of returns.

Megan Shue, Head of Investment Strategy

Meghan Shue

Head of Investment Strategy

LOOKING AHEAD

Despite a very concentrated equity market and a growing political divide in Washington, we remain optimistic on the prospects for U.S. economic and market leadership long term.

 

Watch our 2024 Capital Markets Forecast Highlights to hear Head of Investment Strategy Meghan Shue talk about what he sees for the year ahead.

LET'S TALK.

LEARN HOW YOUR FINANCIAL GOALS MAY BE IMPACTED BY OUR 2024 MARKET AND ECONOMIC FORECAST.

Please complete the form below and one of our advisors will reach out to you.

*Required Field

CMF 2024 Form Handler

Wilmington Trust Investment Advisors, Inc. (WTIA), a subsidiary of M&T Bank, is an SEC-registered investment adviser providing investment management services to Wilmington Trust and M&T affiliates and clients. Wilmington Funds are entities separate and apart from Wilmington Trust and M&T Bank.

Registration with the SEC does not imply a certain level of skill or training. Additional information about WTIA is also available on the SEC's website at adviserinfo.sec.gov.

Wilmington Trust Investment Advisors, Inc.’s Capital Markets Forecast is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a recommendation or determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the investor’s objectives, financial situation, and particular needs. The investments or investment strategies discussed herein may not be suitable for every investor. The material is not designed or intended to provide legal, investment, or other professional advice since such advice always requires consideration of individual circumstances. If legal, investment, or other professional assistance is needed, the services of an attorney or other professional should be sought.

The forecasts presented herein constitute the informed judgments and opinions of Wilmington Trust about likely future capital market performance. Forecasts are subject to a number of assumptions regarding future returns, volatility, and the interrelationship (correlation) of asset classes. Assumptions may vary by asset class. Actual events or results may differ from underlying estimates or assumptions, which are subject to various risks and uncertainties.

Wilmington Trust is not authorized to and does not provide legal or tax advice. Our advice and recommendations provided to you is illustrative only and subject to the opinions and advice of your own attorney, tax advisor or other professional advisor.

Some investment products may be available only to certain “qualified investors”—that is, investors who meet certain income and/or investable asset thresholds. Any offer will be made only in connection with the delivery of the appropriate offering documents, which are available to prequalified persons upon request.

References to the company names mentioned in this material are merely for explaining the market view and should not be construed as investment advice or investment recommendations of those companies. No assurance can be given as to actual future market results or the results of Wilmington Trust’s investment products and strategies. The estimates contained in this presentation constitute Wilmington Trust’s judgment as of the date of these materials and are subject to change without notice. The information in this presentation has been obtained or derived from sources believed to be reliable, but no representation is made as to its accuracy or completeness.

Investment products are not insured by the FDIC or any other governmental agency, are not deposits of or other obligations of or guaranteed by Wilmington Trust, M&T, or any other bank or entity, and are subject to risks, including a possible loss of the principal amount invested.

Securities listed or mentioned are provided for illustrative purposes only and are not intended to be representative of current recommendations or holdings. It should not be assumed that these securities were or will be profitable.

Investing involves risk and you may incur a profit or a loss.

Past performance cannot guarantee future results. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment strategy will be successful.

Benchmarks and financial indices are shown for illustrative purposes only. Such benchmarks and indices are not available for direct investment, and their performance does not reflect the expenses associated with the management of an actual portfolio, the actual cost of investing in the instruments that comprise it, or other fees. Benchmarks and financial indices referenced herein are representative of large and small domestic and international stocks and bonds, each with unique risks.

Third-party trademarks and brands are the property of their respective owners. Third parties referenced herein are independent companies and are not affiliated with M&T Bank or Wilmington Trust. Listing them does not suggest a recommendation or endorsement by Wilmington Trust.

Disclosures:

  1. Bloomberg, Forbes Global 2000 List. Profit measured by net income reported for the trailing 12-month period.
  2. Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic, International Monetary Fund, as of October 2021.
  3. 1.2% divided by 7.4% outperformance.
  • © 2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.
  • Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC. 
  • M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
  • WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
  • Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
  • M&T Bank  Equal Housing Lender. Bank NMLS #381076. Member FDIC. 
  • Investment and Insurance Products   • Are NOT Deposits  • Are NOT FDIC Insured  • Are NOT Insured By Any Federal Government Agency  • Have NO Bank Guarantee  • May Go Down In Value  
  • Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.