Happy Monday. After a record setting May, markets started June on strong footing, with the Nasdaq ascending nearly half a percentage point into midday. The S&P 500 also rose about a fifth of a percentage point after treading water earlier in the session. Technology and energy stocks were largely to thank for their ascendence to new record highs.
As markets careen higher, Bank of America's Head of Equity and Quantitative Strategy holds a more cautious view about the S&P 500 and its record run. Up nearly 11% year-to-date, the S&P 500 has boomed thanks to an explosion of excitement around AI stocks. However, 18 of the 20 valuation measures that BoFA tracks now flag the index as overbought. There are other pockets of the index that look on sale by contrast, though.
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