| JP Morgan Q4 2021 Guide to the Markets Posted: 02 Oct 2021 01:50 PM PDT https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-the-markets/mi-guide-to-the-markets-us.pdf Some Key Takeaways: FTM P/E of 20.3 is about 1 standard deviation (SD) above the 25 year average of 16.8x. The equity yield minus the Baa yield of 156 bps indicates stocks are undervalued by 0.7 SD compared the 25-year average of 13 bps. The top 10 stocks in the S&P 500 account for 29.3% of market cap and 28.2% of earnings. Small Cap Value has the highest YTD return of 22.9%. The lowest YTD return is Small Cap Growth at 2.8%. Value has outperformed all factors, up 17.9% YTD vs. the S&P 500 up 15% YTD. The S&P 500 moves together with the 10 year treasury rate until yields rise above 3.6%, at which point they move in opposite directions. The 10-year is currently at about 1.47%. JP Morgan estimates that about 85% of the US has either had a Covid infection or received the vaccination or both. The ratio of US financial assets to GDP is at an all time high of 5.6 times. submitted by /u/iKickdaBass [link] [comments] |
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