The S&P 500 $SPY P/E Ratios Heat Map.
Besides Banks and Energy, everything is wildly overvalued. $SPY Source: Jesse Cohen @JesseCohenInv
ARE US STOCKS OVERVALUED ⁉
☢ S&P 500 earnings yield FELL below the 10-year Treasury yield for the 1st time in 22 YEARS. ❗In other words, less risky (theoretically) 10-year Treasury is paying MORE than the S&P 500. ⚠This could imply lower than average forward returns for S&P 500. Source: The Daily Shot, Global Markets Investor
$SPY The S&P 500 had its best-performing week of 2024. Here are the top-performing stocks from last week: 👇🏻
Source: The Future Investors @ftr_investors
Following the election, the SP500 typically rallies through inauguration day before moderating.
Source: Bloomberg, Macrobond, Mike Zaccardi, CFA, CMT, MBA, The Daily Shot
BlackRock had its LARGEST inflow in history with 14,588
Only 450 $BTC were mined...
Another day, another record: The top 10 companies in the S&P 500 now account for a record 37% of the index.
This percentage officially exceeds peak levels seen during the 2000 Dot-Com bubble by 10 percentage points. Over the last decade, the market concentration has more than DOUBLED. Furthermore, the top 10 stocks alone now have a market cap of ~$18.7 TRILLION. This means that the top 10 stocks in the US now have a combined market cap that is $1 trillion higher than the entire European stock market. Source: The Kobeissi Letter
Fun fact: This was only the 5th time since 1960 that $SPX returned more than 2.5% while simultaneously breaking into an all-time high.
The last time this happened was March 21st, 2000. Source: Tier1 Alpha
Goldman has some potential reaction functions:
* Trump w/ Republican Sweep = 25% probability; S&P +3% * Trump w/ Divided Government = 30% probability; S&P +1.5% " Harris w/ Democratic Sweep = 5% probability; S&P -3% * Harris w/ Divided Government = 40% probability; S&P -1.5% Source: Carl Quintanilla on X, Goldman Sachs
