1 US stocks are 40% overvalued.
US equity valuations are still high relative to the macro environment, Goldman says. Measured by gap between actual Shiller cyclically-adj S&P 500 P/E ratio and the “macro-consistent” Shiller P/E predicted by Goldman macro model of equity valuations, US stocks are 40% overvalued.
2 Nasdaq 100 fared worst weekly drop since Nov 2022 as US 10y yields pushed >4.6%.
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