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Five years ago, those who believed that the sky was falling, the markets would crash, and mankind was facing an existential crisis were ridiculed as ‘doomers’ and relegated to the fringe of society.
Europe s glittering luxury companies, the region s top stock-market performers in 2023, may see yet more gains driven by a rebound in Chinese spending, but for some the sector is starting to look
Analysis-Reopening rally? Speculative bubble? These days, it’s hard to tell
Surging U.S. stocks are stretching equity valuations near their highest levels in years, leaving investors to determine whether the rally signals a coming economic rebound or an asset price bubble in the midst of a global pandemic.
After a 15% year-to-date rally, the S&P 500 trades at 22 times forward earnings, compared to a historical average of 15.3 times, according to Refintiv Datastream.
The technology sector, which accounts for nearly 28% of the index, trades at an even higher P/E ratio: 26.4 times compared to its historic average of 20.6 times.
Bulls argue stock prices are justified, with expectations that vaccines against COVID-19 will support a reopening of the economy. They also tout the relative attractiveness to assets such as bonds, with yields at extremely low levels.