Need to Know: 'Fairly valued' U.S. stocks remain a top pick for BMO strategist
A year from now, some investors may be kicking themselves for not buying into this relentless bull market.Or not, because all this caution that seems to keep dogging the market’s attempt to push it higher — such as the Nasdaq and S&P giving up a foray into record territory on Wednesday—may not be for nothing.
He bases his view chiefly on a comparison of S&P 500 earnings yield, a popular metric that gauges expected stock returns, versus the yield on the 10-year Treasury note. Traditionally, how this works is if the S&P 500 is yielding is less than that of safer-haven bonds, stocks might look overvalued. In the reverse case, stocks might look like a better value.
Based on Wednesday’s closing price of $258.66, Tesla’s market cap sits at $44.7 billion versus $56.6 billion for GM’s GM, -0.28% even as the 110-year old auto maker’s revenue is seven times bigger. Results are lifting shares of Southwest Airlines LUV, +0.27% After the close, we’ll hear from chip maker Intel INTC, -0.10% , Amazon AMZN, -1.14% , Starbucks SBUX, +0.53% and Ford F, +0.74%
Europe had a big earnings day, with Swiss bank UBS UBS, +0.61% UBSG, +0.71% soundly beating forecasts and a surprise loss for telecom group Nokia NOK, -0.17%
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