The Stock Market Hasn’t Been This Expensive Since 2003. Earnings Need to Justify That. - Barron's
1. U.S. stocks rally fueled by expectations of Federal Reserve rate cuts. 2. JPMorgan's earnings update on July 15 raises investor concerns over valuations. 3. S&P 500 trading at historically high valuations; earnings growth forecast is lower. 4. Majority of S&P sectors expected to show stagnant or low earnings growth. 5. Equity risk premium is at its lowest since early 2000s, signaling caution.