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

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 close to its 3-year average PE ratio of 30.2x.

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

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 20.6%, which is higher than its past year's earnings growth of 18.0% 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.

U.S. Market Analysis & Valuation - Dow Jones, Nasdaq, S&P 500 Summary

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 12 Sep 2026	US$76.0t	US$25.2t	US$2.8t	18.4x	27.4x	3x
Mon, 10 Aug 2026	US$77.3t	US$25.0t	US$2.7t	19.3x	28.3x	3.1x
Wed, 08 Jul 2026	US$81.2t	US$24.3t	US$2.5t	19.2x	32.7x	3.3x
Fri, 05 Jun 2026	US$74.1t	US$24.2t	US$2.5t	18.6x	30x	3.1x
Sun, 03 May 2026	US$76.0t	US$24.0t	US$2.4t	19.4x	31.5x	3.2x
Tue, 31 Mar 2026	US$66.8t	US$23.7t	US$2.3t	18.3x	28.9x	2.8x
Thu, 26 Feb 2026	US$72.7t	US$23.6t	US$2.3t	19.4x	32x	3.1x
Sat, 24 Jan 2026	US$72.8t	US$23.2t	US$2.3t	19.3x	31.9x	3.1x
Mon, 22 Dec 2025	US$71.8t	US$23.2t	US$2.3t	19x	31.4x	3.1x
Wed, 19 Nov 2025	US$69.4t	US$23.1t	US$2.3t	18x	30.6x	3x
Fri, 17 Oct 2025	US$70.6t	US$22.7t	US$2.2t	18.6x	32.1x	3.1x
Sun, 14 Sep 2025	US$69.4t	US$22.9t	US$2.2t	19.2x	31.8x	3x
Tue, 12 Aug 2025	US$66.8t	US$22.7t	US$2.2t	18.5x	30.9x	2.9x
Thu, 10 Jul 2025	US$65.1t	US$22.5t	US$2.1t	18.7x	31x	2.9x
Sat, 07 Jun 2025	US$62.0t	US$22.5t	US$2.1t	17.9x	29.5x	2.8x
Mon, 05 May 2025	US$59.0t	US$22.0t	US$2.1t	17.5x	28x	2.7x
Wed, 02 Apr 2025	US$58.2t	US$21.9t	US$2.1t	17.6x	28.4x	2.7x
Fri, 28 Feb 2025	US$62.4t	US$21.9t	US$2.0t	17.8x	30.5x	2.8x
Sun, 26 Jan 2025	US$64.0t	US$22.0t	US$2.0t	19x	32.2x	2.9x
Tue, 24 Dec 2024	US$62.3t	US$22.0t	US$1.9t	18.3x	32.2x	2.8x
Thu, 21 Nov 2024	US$62.4t	US$22.0t	US$1.9t	18.9x	32.5x	2.8x
Sat, 19 Oct 2024	US$60.6t	US$21.6t	US$1.9t	18.7x	32.5x	2.8x
Mon, 16 Sep 2024	US$58.1t	US$21.5t	US$1.9t	18x	31.2x	2.7x
Wed, 14 Aug 2024	US$55.2t	US$21.5t	US$1.8t	17.4x	29.8x	2.6x
Fri, 12 Jul 2024	US$58.2t	US$21.3t	US$1.8t	17.3x	31.7x	2.7x
Sun, 09 Jun 2024	US$55.1t	US$21.3t	US$1.8t	16.8x	30.1x	2.6x
Tue, 07 May 2024	US$53.9t	US$21.2t	US$1.8t	17.3x	29.6x	2.5x
Thu, 04 Apr 2024	US$54.3t	US$21.1t	US$1.8t	17.2x	29.4x	2.6x
Sat, 02 Mar 2024	US$53.2t	US$21.1t	US$1.8t	16.3x	28.8x	2.5x
Mon, 29 Jan 2024	US$51.1t	US$21.1t	US$1.8t	16.9x	29.1x	2.4x
Wed, 27 Dec 2023	US$50.1t	US$21.0t	US$1.8t	17x	28.5x	2.4x
Fri, 24 Nov 2023	US$47.2t	US$21.0t	US$1.7t	15.9x	27x	2.2x
Sun, 22 Oct 2023	US$44.2t	US$21.0t	US$1.7t	15x	25.7x	2.1x
Tue, 19 Sep 2023	US$46.9t	US$20.9t	US$1.7t	15.5x	27.4x	2.2x


US Market	-0.97%
Energy	1.54%
Telecom	1.18%
Tech	-0.41%
Consumer Discretionary	-1.26%
Consumer Staples	-1.30%
Real Estate	-1.31%
Industrials	-1.77%
Financials	-1.78%
Utilities	-1.81%
Materials	-3.04%
Healthcare	-3.79%

Company	Last Price	7D	1Y	Valuation	Sector
AAPL Apple	US$332.27	3.8% +US$179.5b	42.0%	PE37.6x	Tech
META Meta Platforms	US$648.03	5.1% +US$79.6b	-14.2%	PE24.2x	Telecom
AMD Advanced Micro Devices	US$516.13	8.1% +US$62.9b	225.5%	PE130.2x	Tech
TSLA Tesla	US$365.44	3.2% +US$44.9b	-7.7%	PE379.2x	Consumer Discretionary
SPCX Space Exploration Technologies	US$151.21	2.2% +US$44.2b	n/a	PS89.1x	Telecom

Announcement • 3h

Eli Lilly and Company (NYSE:LLY) completed the acquisition of AtaiBeckley Inc. (NasdaqGM:ATAI) from Apeiron Investment Group Limited, BlackRock, Inc. (NYSE : BLK) and others.

Eli Lilly and Company (NYSE:LLY) entered into an Agreement and Plan of Merger to acquire AtaiBeckley Inc. (NasdaqGM:ATAI) from Apeiron Investment Group Limited, BlackRock, Inc. (NYSE : BLK) and others for $2.6 billion on July 15, 2026. Under the terms of the agreement, Lilly will acquire all outstanding shares of AtaiBeckley common stock for $6.75 per share in cash upon closing; plus up to $2.50 per share in the form of a Contingent Value Right (CVR) entitling the holder to additional cash payments upon achievement of specified development and regulatory milestones related to the BPL-003 and VLS-01 programs. The upfront cash consideration represents an aggregate equity value of approximately $2.8 billion and the CVR represents an additional potential aggregate equity value of approximately $1 billion. AtaiBeckley Inc. shall pay Eli Lilly and Company a termination fee of $104.3 million. The transaction is subject to approval by AtaiBeckley stockholders and satisfaction of other customary closing conditions, including regulatory approvals and antitrust approvals. The boards of directors of both companies have approved the transaction. The transaction is not subject to any financing condition and is expected to close in the third quarter. This transaction will thereafter be reflected in Lilly's financial results and financial guidance. The transaction is under assessment of Australian Competition and Consumer Commission with September 16, 2026 as the end of determination. Goldman Sachs & Co. LLC acted as financial advisor for Eli Lilly and Company. Emily J. Oldshue, Nicholas C.H. Roper, Megan R. Baca, Renata J. Ferrari, Christa Sanchez, Michael S. McFalls, Ruchit Patel, Zachary D. Goodwin, Pamela L. Glazier, David Peloquin, Gregory H. Levine, Brendan C. Hanifin, Kurt Fowler, David Kaye and Peter A. Alpert of Ropes & Gray LLP acted as legal advisor for Eli Lilly and Company. Christopher L. Baird, Mads Jessen, Craig Kolwicz, Charles A. Paton and Meghan Taylor of Moelis & Company LLC acted as financial advisor and financial opinion provider for AtaiBeckley Inc. Andrew S. Rymer, Jason Zuckerbrod of Centerview Partners LLC acted as financial advisor and financial opinion provider for AtaiBeckley Inc. Nathan Ajiashvili, Charles Ruck, Scott Shean, Brian Umanoff, John Manthei, Elizabeth Richards, Betty Pang, Irina Yevmenenko, David Della Rocca, Laura Szarmach, Patrick English, Hctor Armengod, Rene de Vera, Heather Deixler, and Oliver Mobasser of Latham & Watkins LLP acted as legal advisor for AtaiBeckley Inc. Citi acted as financial advisor for AtaiBeckley Inc. Board. Centerview Partners LLC acted as fairness opinion provider for AtaiBeckley Inc. Board. Brad King and Matt Hurd of Sullivan & Cromwell LLP acted as legal advisor for Apeiron Investment Group Limited. The team of Cooley LLP led by Michael Tuscan, Dou Youn, Kassity Mai and Will Cutchins acted as legal advisor for AtaiBeckley Inc. Computershare Trust Company, National Association acted as transfer agent for AtaiBeckley Inc. Innisfree M&A Incorporated acted as proxy solicitor for AtaiBeckley Inc. for a fee of $60,000. Meanwhile, AtaiBeckley agreed to pay Moelis (i) an opinion fee of $1.5 million that became payable to Moelis upon the rendering in writing of the opinion by Moelis and which shall be offset, to the extent previously paid, against the transaction fee that is currently estimated to be approximately $35.2 million. Eli Lilly and Company (NYSE:LLY) completed the acquisition of AtaiBeckley Inc. (NasdaqGM:ATAI) from Apeiron Investment Group Limited, BlackRock, Inc. (NYSE : BLK) and others on September 11, 2026.

Announcement • Sep 10

Apple Announces Advanced Health and Fitness Capabilities with New Health Sensing System, Readiness Score, and Redesigned Health App

Apple announced its most advanced health and fitness experience yet, expanding what Apple Watch and iPhone can do as intelligent, science-driven tools for users’ personal wellbeing. Apple Watch Series 12 and Apple Watch Ultra 4 introduce the new Health Sensing System, enabling the most accurate heart rate sensing in a wearable, as well as a new readiness experience to give users insight into their body’s capacity to take on their day. They pair with a redesigned Health app coming later this year to iPhone, which offers a holistic view of long-term health alongside new, easy-to-understand health and longevity insights powered by Apple Intelligence. The new Health Sensing System on Apple Watch Series 12 and Apple Watch Ultra 4 features new optical and electrical heart sensors, enabling higher-frequency heart rate and heart rate variability (HRV) measurements, a new readiness score, a more comprehensive Vitals overview with the addition of HRV, and an updated Heart Rate app. A scientifically rigorous study on a population of over 1,000 participants with representation across demographic groups compared the new heart rate sensing accuracy on Apple Watch against leading wearables, and resulted in Apple Watch showing the highest heart rate accuracy across devices. With larger, power-efficient green LEDs on the optical heart sensor, Apple Watch Series 12 and Apple Watch Ultra 4 now measure heart rate every five seconds, all day long. This continuous, passive measurement delivers deeper insight into a user’s fitness and physiological state while making Exercise and Move Activity rings even more accurate. Users can view their real-time heart rate at a glance throughout their day using the updated Heart Rate app and new watch face complications. HRV, a key indicator of stress and recovery, is now measured as often as every five minutes and available to view in a new section of the Heart Rate app. Apple Watch provides two separate variants of HRV for better understanding of a user’s health status. Recovery HRV is best to identify daily signals of stress and recovery, while overall HRV is best for insights on a user’s broader health, including cardiovascular health. Overnight vitals now includes Recovery HRV analyzed against a user’s personal baseline, providing a more complete view of their health status. A new daytime vitals view lets users toggle between overnight and daytime metrics, and can potentially spot shifts in their metrics before they show up overnight. Apple Watch Series 12 and Apple Watch Ultra 4 introduce readiness, a new feature that analyzes a user’s recent activity, vitals, and sleep score, and then provides a single 0-10 score each day with a clear, actionable recommendation: Recover, Pace Yourself, Ready, or Go For It. Readiness updates throughout the day as new data comes in, reflecting, for example, an intense workout or a shift in daytime vitals. Readiness clearly highlights which factors are driving the score and allows users to tap into more details. The scoring algorithm was developed using data from the Apple Heart and Movement Study, in collaboration with exercise scientists and physicians at Apple. The Health app on iPhone is a central and secure location for a user’s health and fitness information, and can uniquely provide a better understanding of their overall health. Apple Intelligence brings powerful AI capabilities into the apps and experiences users rely on every day, making them more personal and helpful than ever, and with iOS 27 and iPadOS 27, Apple Intelligence extends to the Health app. Redesigned to dynamically adapt to a user’s personal health and fitness metrics, the Health app now offers iPhone and iPad users a view of their long-term health alongside easy-to-understand insights, providing personalized guidance that can help them live a better day and healthier life. The redesigned Health app has been built to securely and privately protect a user’s data at every step. The new Insights tab surfaces timely health information with a summary that updates throughout the day across heart, sleep, readiness, fitness, vitals, and cycle tracking data. A new For You section delivers personalized recommendations and relevant articles based on a user’s data. A new Longevity tab analyzes a user’s longitudinal health data for deeper insights into heart health, sleep, mental wellbeing, movement health, metabolic health, hearing, and nutrition. The tab includes Health Age, a new feature that uses Apple Watch data to show users how their metrics are tracking relative to their chronological age, informed by the best available science. The algorithm can factor in metrics from Apple Watch like VO2 max, resting heart rate, sleep, and HRV, and users can also add lab data, including A1c and LDL, to enrich the analysis. Within the Longevity tab, users can see what’s shaping their long-term health based on data from iPhone, Apple Watch, AirPods, and clinical health records, as well as third-party apps and devices. Users can further build out their health picture through new evaluations, at-home movement assessments, and the ability to add lab tests. Users can take in-depth physical assessments — measuring flexibility, strength, balance, movement mechanics, and VO2 max — right at home using their iPhone camera and Apple Watch. This experience runs entirely on device; no video is ever recorded, stored, or shared. Using vision-based AI models, these assessments provide real-time audio and visual feedback, and were developed using clinician input. Health app users can already import existing labs and see their results and trends over time. Users will be able to schedule and purchase new labs that feature over 50 key biomarkers for $119 directly through the Health app at approximately 2,000 Quest Diagnostics locations in the U.S. Users will be able to see videos and articles across each area of health that overlays their data with insights from Apple Health clinical experts explaining why it’s important. The redesigned Health app will be available later this year, starting in U.S. English, with more languages to follow. With iOS 27, the Health app adds support for perimenopause and menopause, as well as notifications about cycle deviations inclusive of perimenopause, to Cycle Tracking. Users will be able to log if they are in perimenopause or menopause for further customization of their Cycle Tracking experience, track their symptoms, and monitor cycles over time. Additionally, if a user logs bleeding after menopause, they will receive a notification to speak with their doctor. New educational articles are available in the Health app to help users better understand this new chapter, in addition to tips informed by clinical experts. Many people don’t recognize they’re in perimenopause because the symptoms can start years before their last period.

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