Beyond Meme Stocks, Excess Has Ebbed Since Powell Said ‘Frothy’ By Bloomberg
(Bloomberg) -- When the Federal Reserve last met at the end of April, Chairman Jerome Powell acknowledged that markets “are a bit frothy.” Now, some of that excess appears to exiting -- particularly if you discount the daily gyrations in meme stocks. Yes, share prices keep setting new records, but they’re also looking less expensive on the way up as companies largely crush profit forecasts. The price-to-earnings ratio for the megacap FAANG tech shares like Facebook (NASDAQ:FB) and Apple (NASDAQ:AAPL), which make up roughly a quarter of the S&P 500, sits just below 47, which is...
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