The stock market has been steady about everything recently. It can only become more volatile from here.
Consistent with that, the S&P 500 is up by a double-digit percentage this year, and investors are now paying 19 times expected earnings per share on the index for the next 12 months, up from just under 17 times at the start of the year. That’s because Wall Street expects earnings growth next year as the economy stabilizes with the Federal Reserve nearing the end of its interest-rate hikes. Plus, the advent of artificial intelligence has spurred higher profit growth for Big Tech.
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