U.S. Market Analysis & Valuation

Market Valuation and Performance

Has the U.S. Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 19 Jun 2026	US$76.0t	US$24.3t	US$2.5t	18.7x	30.9x	3.1x
Sun, 17 May 2026	US$72.1t	US$24.2t	US$2.4t	18.4x	29.8x	3x
Tue, 14 Apr 2026	US$71.6t	US$23.7t	US$2.3t	19.5x	31.1x	3x
Thu, 12 Mar 2026	US$71.2t	US$23.7t	US$2.3t	18.6x	31x	3x
Sat, 07 Feb 2026	US$71.6t	US$23.5t	US$2.3t	19.5x	31.2x	3x
Mon, 05 Jan 2026	US$71.9t	US$23.2t	US$2.3t	19x	31.4x	3.1x
Wed, 03 Dec 2025	US$71.5t	US$23.1t	US$2.3t	18.5x	31.4x	3.1x
Fri, 31 Oct 2025	US$72.3t	US$22.9t	US$2.2t	18.3x	32.2x	3.2x
Sun, 28 Sep 2025	US$70.1t	US$22.9t	US$2.2t	19.1x	32.1x	3.1x
Tue, 26 Aug 2025	US$67.7t	US$23.0t	US$2.2t	19.2x	31.4x	2.9x
Thu, 24 Jul 2025	US$66.0t	US$22.5t	US$2.1t	19x	31.4x	2.9x
Sat, 21 Jun 2025	US$62.4t	US$22.5t	US$2.1t	17.7x	29.7x	2.8x
Mon, 19 May 2025	US$62.1t	US$22.4t	US$2.1t	18.1x	29.6x	2.8x
Wed, 16 Apr 2025	US$55.9t	US$21.9t	US$2.1t	16.3x	27.1x	2.6x
Fri, 14 Mar 2025	US$58.4t	US$21.9t	US$2.0t	17x	28.5x	2.7x
Sun, 09 Feb 2025	US$63.5t	US$21.8t	US$2.0t	18.5x	31.1x	2.9x
Tue, 07 Jan 2025	US$62.5t	US$22.0t	US$1.9t	18.5x	32.3x	2.8x
Thu, 05 Dec 2024	US$63.9t	US$22.0t	US$1.9t	19.6x	33.1x	2.9x
Sat, 02 Nov 2024	US$59.4t	US$21.8t	US$1.9t	18x	32x	2.7x
Mon, 30 Sep 2024	US$59.6t	US$21.7t	US$1.9t	18.3x	31.8x	2.7x
Wed, 28 Aug 2024	US$58.0t	US$21.5t	US$1.8t	18.1x	31.4x	2.7x
Fri, 26 Jul 2024	US$56.4t	US$21.4t	US$1.8t	17.9x	30.6x	2.6x
Sun, 23 Jun 2024	US$56.5t	US$21.3t	US$1.8t	16.6x	30.8x	2.6x
Tue, 21 May 2024	US$55.2t	US$21.2t	US$1.8t	17.5x	30.5x	2.6x
Thu, 18 Apr 2024	US$52.1t	US$21.1t	US$1.8t	16.3x	28.2x	2.5x
Sat, 16 Mar 2024	US$53.6t	US$21.1t	US$1.8t	16.5x	29.1x	2.5x
Mon, 12 Feb 2024	US$52.3t	US$21.0t	US$1.8t	16.3x	29.3x	2.5x
Wed, 10 Jan 2024	US$49.9t	US$21.0t	US$1.8t	16.7x	28.4x	2.4x
Fri, 08 Dec 2023	US$47.6t	US$21.0t	US$1.8t	16.2x	27.2x	2.3x
Sun, 05 Nov 2023	US$45.6t	US$21.0t	US$1.7t	15.4x	26.5x	2.2x
Tue, 03 Oct 2023	US$45.3t	US$21.0t	US$1.7t	15.2x	26.4x	2.2x
Thu, 31 Aug 2023	US$47.5t	US$20.9t	US$1.7t	15.9x	27.7x	2.3x
Sat, 29 Jul 2023	US$48.2t	US$21.0t	US$1.7t	15.9x	29x	2.3x
Mon, 26 Jun 2023	US$45.9t	US$21.0t	US$1.7t	14.9x	27.6x	2.2x

Current Market PE

Investors are relatively neutral on the American market at the moment, indicating that they expect earnings will grow in line with historical growth rates.

The market is trading at a PE ratio close to its 3-year average PE ratio of 30.1x.

Past Earnings Growth

The earnings for American listed companies have grown 14% per year over the last three years.
Revenues for these companies have grown 5.0% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the U.S. Market?


US Market	1.65%
Telecom	4.03%
Tech	3.30%
Industrials	2.84%
Financials	1.72%
Materials	1.70%
Utilities	1.55%
Consumer Discretionary	0.085%
Healthcare	-2.14%
Real Estate	-2.22%
Consumer Staples	-2.33%
Energy	-5.32%

Sector PE

Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 65.5x.

The market's confidence is likely because analysts are expecting annual earnings growth of 18.2%, which is higher than its past year's earnings growth of 14.2% per year.

The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 17.6x.

Forecasted Growth

Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 27% over the next 5 years.
This is better than its past earnings decline of 2.6% per year.

In contrast, the Real Estate sector is expected to see its earnings grow by 8.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation	Sector
SPCX Space Exploration Technologies	US$185.00	14.9% +US$330.3b	n/a	PS126.3x	Telecom
MU Micron Technology	US$1.13k	15.5% +US$171.8b	817.5%	PE53x	Tech
NVDA NVIDIA	US$210.69	2.7% +US$133.2b	46.5%	PE32x	Tech
GOOGL Alphabet	US$368.03	2.9% +US$125.2b	112.3%	PE28x	Telecom
AVGO Broadcom	US$411.35	6.7% +US$122.7b	63.7%	PE66.8x	Tech

Johnson & Johnson Innovative Medicine Presents Results From Phase 2/3 ENERGY Study Demonstrating IMAAVY (Nipocalimab-Aahu) Durable Hemoglobin Response and Rapid Onset of Effect in Warm Autoimmune Hemolytic Anemia

Johnson & Johnson Innovative Medicine issued results from the Phase 2/3 ENERGY study showing that IMAAVY (nipocalimab-aahu) produced a statistically significant durable hemoglobin (Hgb) response with rapid onset of effect in patients with warm autoimmune hemolytic anemia (wAIHA) in the 30 mg/kg treatment group, compared with those who received placebo. The randomized, placebo-controlled trial demonstrated approximately three times as many patients achieved durable Hgb levels versus placebo by 24 weeks. Overall, patients treated with this dose of IMAAVY showed a mean Hgb improvement of at least 1g/dL as early as Week 1. The ENERGY study compared IMAAVY to placebo in achieving the primary endpoint of durable Hgb improvement, which was defined as achieving the following stringent criteria: an increase from baseline in Hgb 2 g/dL, Hgb concentration 10 g/dL, for at least three visits (28 days, where criteria was met, starting by Week 16), without the need for rescue therapy or changes to background medications for wAIHA. In the 30 mg/kg treatment group, a mean increase of 1 g/dL in Hgb was observed at Week 1, compared to no change in the placebo group. In wAIHA, treatment also aims to maintain Hgb 10 g/dL and achieve a 2 g/dL increase from baseline and nearly two-thirds of patients achieved both of these targets by Week 24. IMAAVY was also associated with improvements in fatigue and reduction in steroid use, two key secondary endpoints. Changes in patient-reported fatigue were observed as early as Week 2 and sustained throughout the 24-week treatment period. In the study, IMAAVY demonstrated a safety profile consistent with the established safety profile of IMAAVY in the approved indication of generalized myasthenia gravis. The most common adverse reactions (10%) in patients with wAIHA treated with IMAAVY were peripheral edema, diarrhea and fever. By targeting the pathogenic IgG autoantibodies that lead to red blood cell destruction in wAIHA, IMAAVY is designed to utilize a differentiated, immunoselective approach, preserving underlying key humoral immune functions in a condition where many patients currently can only rely on unapproved therapies, including corticosteroids and broad immunosuppressants. These data support the supplemental Biologics License Application (sBLA) for IMAAVY which has since been granted U.S. FDA Priority Review. Durable hemoglobin response, the primary endpoint of the Phase 2/3 ENERGY trial, is defined as hemoglobin concentration 10 g/dL and an increase from baseline in hemoglobin 2 g/dL for at least 28 days (where criteria was met starting by Week 16 of the double-blind period), without the need of rescue therapy. Based on mean change from baseline of Functional Assessment of Chronic Illness Therapy-Fatigue (FACIT-Fatigue) score at Week 24, a key secondary endpoint, with mean change of 3.51 points over placebo for 30 mg/kg IV treatment group (dose filed with the FDA). Participants who achieved durable Hgb response were required to initiate corticosteroid (CS) dose tapering. Doses were reduced by 10% of the baseline CS dose every two weeks, provided Hgb levels did not decline by 1 g/dL. At Week 24, the mean percent reduction in CS dose was numerically higher in the nipocalimab 30 mg/kg treatment group (15% reduction from baseline dose) compared with placebo (4% reduction from baseline dose). ENERGY (NCT04119050) is a multicenter, randomized, double-blind, placebo-controlled Phase 2/3 study evaluating the efficacy and safety of nipocalimab compared with placebo followed by an open-label extension period, in adults living with warm autoimmune hemolytic anemia (wAIHA). 115 adults were randomized approximately 1:1:1 to receive nipocalimab at two different dose schedules or placebo. Following completion of 24 weeks of double-blind treatment, patients could enter an open-label extension period to receive nipocalimab for 144 weeks with a follow-up period of 6 weeks after last assessment. Warm autoimmune hemolytic anemia (wAIHA) is a rare, life-threatening condition where autoantibodies attach to and destroy red blood cells (RBCs), resulting in anemia. Approximately 1-3 new people per 100,000 are affected by wAIHA per year, and about 1 in 8,000 individuals are living with the condition. This condition affects both women and men, and can affect people at any age with incidence increasing over the age of 50. Additionally, people with wAIHA are at increased risk of other serious complications such as venous thrombotic events, acute renal failure, and infection. There are no Food and Drug Administration (FDA)-approved drugs indicated for wAIHA, and treatment typically consists of unapproved corticosteroids, broad immunosuppressants, and B-cell directed therapies. With an unmet need for treatment in wAIHA, novel therapies like nipocalimab are being developed to potentially address this need. IMAAVY is an immunoselective treatment designed to target, bind with high affinity, and block the neonatal Fc receptor (FcRn), reducing circulating immunoglobulin G (IgG) antibodies that drive disease while also preserving key immune functions. IMAAVY is currently approved for the treatment of generalized myasthenia gravis (gMG) in adults and pediatric patients 12 years of age and older who are anti-acetylcholine receptor (AChR) or anti-muscle-specific tyrosine kinase (MuSK) antibody positive. Nipocalimab is being investigated across three key segments in the autoantibody space including Rheumatologic diseases, Rare Autoantibody diseases and Maternal Fetal diseases mediated by maternal alloantibodies, in which blockade of IgG binding to FcRn in the placenta is believed to limit transplacental transfer of maternal alloantibodies to the fetus.

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Watt's left in the overcrowded power trade?

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Johnson & Johnson Innovative Medicine Presents Results From Phase 2/3 ENERGY Study Demonstrating IMAAVY (Nipocalimab-Aahu) Durable Hemoglobin Response and Rapid Onset of Effect in Warm Autoimmune Hemolytic Anemia