Fortune USA 201902

PAGE

3

NATIONWIDE

MOVING

TRENDS

POSITIVE

MIGRATION

BALANCED

NEGATIVE

MIGRATION

SOURCE: UNITED VAN LINES

HIGHEST: VERMONT

72.6% OF MOVES

ARE INBOUND

ANNUAL U.S. IPO VOLUME

SOURCE: PWC

0

50

100

150

200

250

2012 2014 2016 2018

214

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019 (AS OF JAN. 10)

S&P 500 INDEX

ANNUAL CHANGE

MAIN

CONCERNS

CREDIT CRUNCH

GREEK CRISIS

EURO CRISIS

CHINA CONCERNS

INFLATION AND TRADE FEARS

5.5%

26.5%

–37.0%

15.1%

16.0%

32.4%

13.7%

1.4%

12.0%

3.2%

21.8%

–4.4%

2.1%

SOURCES: S&P GLOBAL, BLOOMBERG

DAYS WITH S&P 500 VALUE

CHANGE OF 2% OR MORE

17

55

72

22

6

4

6

10

9

2

NONE

20

35

TOTAL RETURNS

11

FORTUNE.COM// FEB.1.

ANALYTICS Seeing Trends in the Data

VOLATILITY

IS BACK

AFTER AN UNUSUALLY CALM RUNin markets following the surprise election of President Trump, volatility

came back with a vengeance at the tail end of 2018. Unsettled by escalating trade-war tensions, inflation

fears, and concerns about a slowdown in China, equity investors grew jittery, which helps explain why, for

the first time since 2008, the S&P 500 finished the year below where it started. For more, see page 12.

WHERE AMERICA IS HE ADED

NEW YORK CITY MAY BE THE FINANCIAL HEARTof the U.S., but New YorkState is

losing people. Retirees and young job seekers are heading to the south and

west for better weather and new opportunities (they also love Vermont).

APPROACHINGPEAKIPO

THE YEAR OF THE DOG was host to a sizable pack

of initial public offerings—and with unicorns

such as Uber, Lyft, Palantir, and Pinterest ready

for an IPO, 2019 could get investors wagging.

GRAPHICS BYNICOLAS RAPP