Stocks are still expensive after the selloff, Barclays says

Investors have pushed stock prices from this year's peak, but it looks like more downward pressure needs to be applied as high inflation is looking to be more stubborn than expected, Barclays says.

Krishna said among his team's findings, roughly 40% of stocks in the S&P 500 were still trading above their 10-year median despite higher rates and inflation. "[Yet] equities insist on looking through to a full reversion of price pressures to pre-COVID levels, a dynamic that we see as increasingly unlikely in the near term," said Krishna."Furthermore, the equity risk premium continues to diverge meaningfully from underlying economic growth, underscoring the outsized optimism baked into valuations as the Fed is forced to press the inflation battle amid a slowing macro backdrop.

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