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 at a PE ratio 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 17.9%, which is higher than its past year's earnings growth of 14.6% 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
Thu, 30 Jul 2026	US$78.6t	US$24.5t	US$2.6t	19.2x	30.1x	3.2x
Sat, 27 Jun 2026	US$79.3t	US$24.3t	US$2.5t	19.1x	31.9x	3.3x
Mon, 25 May 2026	US$73.2t	US$24.2t	US$2.5t	18.6x	29.7x	3x
Wed, 22 Apr 2026	US$75.0t	US$23.7t	US$2.3t	19.5x	32.4x	3.2x
Fri, 20 Mar 2026	US$69.5t	US$23.7t	US$2.3t	18.2x	30.2x	2.9x
Sun, 15 Feb 2026	US$71.9t	US$23.6t	US$2.3t	19.6x	31.4x	3.1x
Tue, 13 Jan 2026	US$73.3t	US$23.2t	US$2.3t	19.3x	32x	3.2x
Thu, 11 Dec 2025	US$72.1t	US$23.1t	US$2.3t	18.9x	31.6x	3.1x
Sat, 08 Nov 2025	US$70.4t	US$23.0t	US$2.3t	18.1x	31x	3.1x
Mon, 06 Oct 2025	US$71.1t	US$22.9t	US$2.2t	19.3x	32.5x	3.1x
Wed, 03 Sep 2025	US$67.7t	US$22.9t	US$2.2t	19.1x	31.1x	3x
Fri, 01 Aug 2025	US$66.5t	US$22.6t	US$2.1t	18.2x	31.4x	2.9x
Sun, 29 Jun 2025	US$64.0t	US$22.5t	US$2.1t	18.2x	30.5x	2.8x
Tue, 27 May 2025	US$60.5t	US$22.4t	US$2.1t	17.7x	28.9x	2.7x
Thu, 24 Apr 2025	US$55.5t	US$21.9t	US$2.1t	16.6x	26.7x	2.5x
Sat, 22 Mar 2025	US$59.1t	US$21.9t	US$2.0t	17.5x	28.8x	2.7x
Mon, 17 Feb 2025	US$64.5t	US$21.9t	US$2.0t	18.5x	31.6x	3x
Wed, 15 Jan 2025	US$61.5t	US$22.0t	US$1.9t	18.5x	31.8x	2.8x
Fri, 13 Dec 2024	US$64.2t	US$22.0t	US$1.9t	19.3x	33.3x	2.9x
Sun, 10 Nov 2024	US$62.6t	US$21.9t	US$1.9t	19x	33.1x	2.9x
Tue, 08 Oct 2024	US$59.8t	US$21.5t	US$1.9t	18.3x	32x	2.8x
Thu, 05 Sep 2024	US$57.0t	US$21.5t	US$1.9t	17.8x	30.6x	2.6x
Sat, 03 Aug 2024	US$56.5t	US$21.5t	US$1.9t	17.5x	30.3x	2.6x
Mon, 01 Jul 2024	US$56.5t	US$21.3t	US$1.8t	16.9x	30.8x	2.6x
Wed, 29 May 2024	US$55.0t	US$21.3t	US$1.8t	17.1x	30.1x	2.6x
Fri, 26 Apr 2024	US$52.6t	US$21.2t	US$1.8t	16.6x	28.6x	2.5x
Sun, 24 Mar 2024	US$54.4t	US$21.1t	US$1.8t	16.9x	29.5x	2.6x
Tue, 20 Feb 2024	US$52.3t	US$21.0t	US$1.8t	16.5x	29.1x	2.5x
Thu, 18 Jan 2024	US$49.5t	US$21.0t	US$1.7t	16.4x	28.3x	2.4x
Sat, 16 Dec 2023	US$49.7t	US$21.0t	US$1.8t	16.7x	28.3x	2.4x
Mon, 13 Nov 2023	US$46.0t	US$21.0t	US$1.7t	15.4x	26.5x	2.2x
Wed, 11 Oct 2023	US$45.9t	US$21.0t	US$1.7t	15.3x	26.7x	2.2x
Fri, 08 Sep 2023	US$46.9t	US$20.9t	US$1.7t	15.5x	27.3x	2.2x
Sun, 06 Aug 2023	US$47.8t	US$20.9t	US$1.6t	16x	29.4x	2.3x


US Market	-2.63%
Consumer Staples	3.81%
Healthcare	3.18%
Real Estate	1.76%
Financials	0.96%
Materials	-0.85%
Energy	-1.46%
Telecom	-1.99%
Industrials	-2.55%
Utilities	-2.74%
Consumer Discretionary	-4.83%
Tech	-6.49%

Company	Last Price	7D	1Y	Valuation	Sector
AAPL Apple	US$338.19	3.8% +US$180.7b	61.8%	PE40.5x	Tech
BRK.A Berkshire Hathaway	US$763.17k	4.2% +US$43.8b	6.9%	PE15.1x	Financials
LLY Eli Lilly	US$1.21k	4.0% +US$41.9b	59.2%	PE42.7x	Healthcare
WMT Walmart	US$114.22	4.5% +US$38.9b	17.0%	PE40x	Consumer Staples
KO Coca-Cola	US$89.08	8.4% +US$29.6b	29.6%	PE26.8x	Consumer Staples

Announcement • 4h

Johnson & Johnson Receives U.S. FDA Priority Review For RYBREVANT FASPRO As Potential First-In-Class EGFR- And MET-Targeted Subcutaneous Treatment For Advanced Head And Neck Cancer

Johnson & Johnson has received Priority Review from the U.S. Food and Drug Administration for the supplemental Biologics License Application for subcutaneous amivantamab and hyaluronidase-lpuj for adults with recurrent or metastatic head and neck squamous cell carcinoma. If approved, it would provide a new treatment for patients whose disease has progressed following platinum-based chemotherapy and a PD-1 or PD-L1 inhibitor. Priority Review is granted to medicines that may offer significant improvements in safety or effectiveness for serious conditions and shortens the FDA review timeline to approximately six months. Subcutaneous amivantamab was designed to target both epidermal growth factor receptor (EGFR) and mesenchymal-epithelial transition (MET) while engaging the immune system, offering a differentiated scientific approach in recurrent or metastatic head and neck squamous cell carcinoma. Overexpression of EGFR and MET receptors is seen in 80 to 90% of head and neck squamous cell carcinoma tumors and has been implicated in tumor progression and treatment resistance. The FDA's decision to grant Priority Review is supported by results from the pivotal Phase 1b/2 OrigAMI-4 study, which showed that 42% of patients responded to treatment with monotherapy subcutaneous amivantamab, with more than one-third of responders achieving a complete response. The study excluded patients with oropharyngeal squamous cell carcinoma caused by human papillomavirus, as well as those who had received prior anti-EGFR therapy. RYBREVANT FASPRO is approved in more than 40 countries, including the United States, Europe, and Japan, as a subcutaneous treatment for non-small cell lung cancer and continues to be evaluated in additional tumor types. OrigAMI-4 is an open-label Phase 1b/2 study evaluating RYBREVANT FASPRO in recurrent or metastatic head and neck squamous cell carcinoma. The study includes six cohorts exploring RYBREVANT FASPRO across different treatment settings and regimens. Cohort 1 evaluated RYBREVANT FASPRO as monotherapy in patients with recurrent or metastatic head and neck squamous cell carcinoma who had received prior platinum-based chemotherapy and PD-1/PD-L1 immunotherapy. Patients with HPV-positive oropharyngeal squamous cell carcinoma were excluded, as well as those with prior anti-EGFR therapy. RYBREVANT FASPRO was administered on a weekly schedule during the initial treatment period followed by dosing every three weeks, with weight-based dosing adjustments. The primary endpoint across cohorts is overall response rate, as assessed by investigators, using RECIST v1.1. RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) received U.S. FDA approval in December 2025 and is approved in multiple markets worldwide for the treatment of adults with EGFR-mutated non-small cell lung cancer, including those with exon 19 deletions, exon 21 L858R substitution mutations, and exon 20 insertion mutations. It is the only subcutaneous therapy approved for these EGFR-mutated non-small cell lung cancer populations and may be used as monotherapy or in combination with LAZCLUZE or chemotherapy, depending on the specific mutation and treatment setting. For eligible patients, RYBREVANT FASPRO offers a once-monthly dosing option following initial weekly dosing. RYBREVANT FASPRO is co-formulated with recombinant human hyaluronidase PH20, Halozyme's ENHANZE drug delivery technology. RYBREVANT FASPRO is approved in the U.S. for the same indications as intravenous RYBREVANT across multiple markets. RYBREVANT is a first-in-class, fully human bispecific antibody targeting EGFR and MET, designed to inhibit tumor growth while engaging the immune system. The effectiveness of RYBREVANT FASPRO is supported by the established clinical profile of RYBREVANT, including data from multiple Phase 3 studies such as MARIPOSA, which demonstrated improvements in progression-free and overall survival when used in combination with LAZCLUZE in first-line advanced EGFR-mutated non-small cell lung cancer. The National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology include amivantamab-vmjw across its FDA-approved treatment settings, including as a Category 1 preferred option in combination with lazertinib for first-line treatment of patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 19 deletions or exon 21 L858R mutations. Subcutaneous amivantamab and hyaluronidase-lpuj may be substituted for intravenous amivantamab-vmjw where appropriate. The NCCN Guidelines for Central Nervous System Cancers also include amivantamab-based regimens, including in combination with lazertinib, as the only NCCN-preferred combination options for patients with EGFR-mutated non-small cell lung cancer and brain metastases. Beyond non-small cell lung cancer, RYBREVANT-based therapies are being investigated across other solid tumors, including head and neck and colorectal cancers. RYBREVANT FASPRO and RYBREVANT are indicated in combination with LAZCLUZE for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 19 deletions or exon 21 L858R substitution mutations, as detected by an FDA-approved test; in combination with carboplatin and pemetrexed for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 19 deletions or exon 21 L858R substitution mutations, whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor; in combination with carboplatin and pemetrexed for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations, as detected by an FDA-approved test; as a single agent for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations, as detected by an FDA approved test, whose disease has progressed on or after platinum-based chemotherapy. RYBREVANT FASPRO is contraindicated in patients with known hypersensitivity to hyaluronidase or to any of its excipients.

Announcement • Jul 24

Berkshire Hathaway Inc. (NYSE:BRK.A) completed the acquisition of Taylor Morrison Home Corporation (NYSE:TMHC) from BlackRock, Inc. (NYSE:BLK), Vanguard Capital Management, LLC, Dimensional Fund Advisors LP and others.

Berkshire Hathaway Inc. (NYSE:BRK.A) reached a definitive agreement to acquire Taylor Morrison Home Corporation (NYSE:TMHC) from BlackRock, Inc. (NYSE:BLK), Vanguard Capital Management, LLC, Dimensional Fund Advisors LP and others for $6.8 billion on May 31, 2026. Under the terms of the transaction, Berkshire Hathaway will acquire Taylor Morrison for $72.50 per common share in cash, representing a total equity value for Taylor Morrison of approximately $6.8 billion and enterprise value of approximately $8.5 billion. The acquisition price represents a 24% premium to Taylor Morrison’s latest closing price of $58.50 on May 29, 2026. Upon termination of the Merger Agreement under certain specified circumstances, including termination by Taylor to accept and enter into a definitive agreement with respect to a superior proposal or by Berkshire upon a change of recommendation by the Board, the Taylor will be required to pay Berkshire a termination fee of $221.6 million. Upon completion of the acquisition, Taylor Morrison will continue to be led by Taylor Morrison’s existing management team, including Chief Executive Officer Sheryl Palmer. Taylor Morrison Home Corporation will become a private company, and its common stock will no longer be listed and traded on the NYSE. The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Taylor Morrison stockholders and receipt of required regulatory approvals. The transaction is unanimously approved by the boards. The HSR Waiting Period expired at 11:59 pm Eastern Time on July 6, 2026. As of July 22, Taylor Morrison Home sharehodlers approved the transaction. Goldman Sachs & Co. LLC and Moelis & Company LLC acted as financial advisors and fairness opinion providers and will each receive a fee of $46.9 million while the team of Simpson Thacher & Bartlett LLP led by Eric Swedenburg, Alison Preiss, Fred de Albuquerque, Julie Siegel, Jamin Koslowe, Charles Mathes, Josh Teitler, James Talbot, Kelly Karapetyan, Karen Kazmerzak, Alec Jarvis, Marisa Stavenas, Catherine Ciriello, Christopher Brown, Krista McManus, Jared Wilner and Steven DeLott and the team of Mayer Brown LLP led by Holly Spencer Bunting and Krista Cooley acted as legal advisors for Taylor Morrison Home Corporation. The team of Gibson, Dunn & Crutcher LLP led by Andrew Kaplan, Christopher Lang, Eric Sloan, James Jennings, Ekaterina Napalkova and John Curran acted as legal advisor for Berkshire Hathaway Inc. Innisfree M&A Incorporated acted as information agent for Taylor Morrison Home Corporation and will receive a fee of $40,000. Berkshire Hathaway Inc. (NYSE:BRK.A) completed the acquisition of Taylor Morrison Home Corporation (NYSE:TMHC) from BlackRock, Inc. (NYSE:BLK), Vanguard Capital Management, LLC, Dimensional Fund Advisors LP and others on July 24, 2026. Under Berkshire, Taylor Morrison will continue to be led by Chief Executive Officer Sheryl Palmer. Baker McKenzie LLP served as counsel to Berkshire Hathaway.

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Berkshire Hathaway Inc. (NYSE:BRK.A) completed the acquisition of Taylor Morrison Home Corporation (NYSE:TMHC) from BlackRock, Inc. (NYSE:BLK), Vanguard Capital Management, LLC, Dimensional Fund Advisors LP and others.

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