The stock market continues to hit record highs — here’s what’s behind it.
Full Video Transcript Below:
CAROLINE WOODS: All right. So we’re looking at an S&P 500 at another record high. Does S&P, it’s above 6600 Make sense to you or is this market overpriced?
BRIAN LEVITT: I think it makes sense to me. I mean the thing about market highs is you’re going to hit a lot of market highs in your life. They happen about once every two weeks on average. Valuations are a bit extended, but at the same time, it’s still a good economic backdrop. Inflation at least inflation expectations are relatively stable. Fed’s going to cut supportive for equity markets.
CAROLINE WOODS: What is it though that’s driving this market higher right now? Is it the economy?
BRIAN LEVITT: Well you’ve had a lot of you had the concentrated move in the big tech names. That’s really a bit more of a 2024 story than this one. I mean, Yes, technology has done very well. But if you look at the percentage of stocks above their 200 day moving average, it’s not like it’s 20% right? You’re you’re well above half. So it’s a broader market. You’ve seen financials the big banks participate. The industrials are participating. So those sectors are usually attuned to a better economic environment. And so it’s Yeah it’s not just tech.
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