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 30.1x.

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 65.4x. The market's confidence is likely because analysts are expecting annual earnings growth of 18.0%, which is higher than its past year's earnings growth of 12.6% 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
Wed, 01 Jul 2026	US$80.4t	US$24.3t	US$2.5t	18.9x	32.3x	3.3x
Fri, 29 May 2026	US$73.8t	US$24.2t	US$2.5t	18.7x	30x	3x
Sun, 26 Apr 2026	US$70.3t	US$23.8t	US$2.3t	19.5x	30.2x	3x
Tue, 24 Mar 2026	US$68.5t	US$23.7t	US$2.3t	18.4x	29.7x	2.9x
Thu, 19 Feb 2026	US$72.0t	US$23.6t	US$2.3t	19.3x	31.4x	3.1x
Sat, 17 Jan 2026	US$73.0t	US$23.2t	US$2.3t	19.4x	31.9x	3.2x
Mon, 15 Dec 2025	US$71.8t	US$23.1t	US$2.3t	19.1x	31.4x	3.1x
Wed, 12 Nov 2025	US$71.6t	US$23.1t	US$2.3t	18.3x	31.6x	3.1x
Fri, 10 Oct 2025	US$71.6t	US$22.9t	US$2.2t	18.9x	32.7x	3.1x
Sun, 07 Sep 2025	US$68.3t	US$22.9t	US$2.2t	19.1x	31.3x	3x
Tue, 05 Aug 2025	US$65.2t	US$22.7t	US$2.1t	18.3x	30.6x	2.9x
Thu, 03 Jul 2025	US$64.6t	US$22.5t	US$2.1t	18.6x	30.8x	2.9x
Sat, 31 May 2025	US$61.5t	US$22.4t	US$2.1t	17.8x	29.3x	2.7x
Mon, 28 Apr 2025	US$57.3t	US$22.0t	US$2.1t	16.9x	27.2x	2.6x
Wed, 26 Mar 2025	US$60.3t	US$21.9t	US$2.0t	17.7x	29.4x	2.7x
Fri, 21 Feb 2025	US$64.8t	US$21.9t	US$2.1t	18.3x	31.6x	3x
Sun, 19 Jan 2025	US$63.2t	US$22.0t	US$2.0t	18.9x	32.2x	2.9x
Tue, 17 Dec 2024	US$63.8t	US$22.0t	US$1.9t	19x	33x	2.9x
Thu, 14 Nov 2024	US$63.0t	US$22.0t	US$1.9t	19x	33x	2.9x
Sat, 12 Oct 2024	US$59.9t	US$21.6t	US$1.9t	18.4x	32.1x	2.8x
Mon, 09 Sep 2024	US$55.7t	US$21.5t	US$1.9t	17.5x	29.9x	2.6x
Wed, 07 Aug 2024	US$53.9t	US$21.5t	US$1.9t	17.1x	28.9x	2.5x
Fri, 05 Jul 2024	US$57.3t	US$21.3t	US$1.8t	16.8x	31.2x	2.7x
Sun, 02 Jun 2024	US$54.6t	US$21.3t	US$1.8t	17.3x	29.9x	2.6x
Tue, 30 Apr 2024	US$53.1t	US$21.2t	US$1.8t	16.7x	28.8x	2.5x
Thu, 28 Mar 2024	US$54.6t	US$21.1t	US$1.8t	17.1x	29.6x	2.6x
Sat, 24 Feb 2024	US$52.9t	US$21.0t	US$1.8t	16.5x	29.5x	2.5x
Mon, 22 Jan 2024	US$50.5t	US$21.0t	US$1.7t	16.6x	29x	2.4x
Wed, 20 Dec 2023	US$50.2t	US$21.0t	US$1.8t	16.8x	28.6x	2.4x
Fri, 17 Nov 2023	US$47.1t	US$21.0t	US$1.7t	15.8x	27.1x	2.2x
Sun, 15 Oct 2023	US$45.4t	US$21.0t	US$1.7t	15.1x	26.3x	2.2x
Tue, 12 Sep 2023	US$47.2t	US$20.9t	US$1.7t	15.6x	27.5x	2.3x
Thu, 10 Aug 2023	US$47.5t	US$20.9t	US$1.7t	16x	28x	2.3x
Sat, 08 Jul 2023	US$46.5t	US$20.9t	US$1.7t	15.4x	28x	2.2x


US Market	1.92%
Healthcare	4.70%
Telecom	3.37%
Consumer Discretionary	3.17%
Industrials	2.63%
Tech	2.32%
Utilities	0.19%
Financials	-0.16%
Real Estate	-0.34%
Materials	-0.53%
Consumer Staples	-2.00%
Energy	-2.19%

Company	Last Price	7D	1Y	Valuation	Sector
SPCX Space Exploration Technologies	US$170.86	10.6% +US$215.0b	n/a	PS116.6x	Telecom
TSLA Tesla	US$420.60	10.2% +US$146.4b	39.9%	PE409x	Consumer Discretionary
GOOGL Alphabet	US$357.37	3.2% +US$137.2b	103.2%	PE27.2x	Telecom
MU Micron Technology	US$1.15k	9.7% +US$117.5b	854.8%	PE25.8x	Tech
AMAT Applied Materials	US$723.00	23.4% +US$108.9b	293.4%	PE67.5x	Tech

Announcement • 10h

Honeywell International Inc. (NasdaqGS:HON) completed the Spin-Off of Honeywell Aerospace Inc. (NasdaqGS:HONA).

The board of Honeywell International Inc. (NasdaqGS:HON) agreed to Spin-Off Honeywell Aerospace Inc on February 6, 2025. The spin off will be completed by the second half of 2026. The transaction is subject to certain customary conditions, including, among others, the filing and effectiveness of applicable filings (including a Form 10 registration statement) with the U.S. Securities and Exchange Commission, receipt of customary confirmation that the separation is expected to be tax-free to Honeywell's shareholders, and receipt of applicable regulatory and other customary approvals and final approval by Honeywell's board of directors and Honeywell's shareholders. Honeywell announced the appointment of Jim Currier as President and Chief Executive Officer of Honeywell Aerospace and Craig Arnold has been selected to serve as Chairman of the Honeywell Aerospace Board of Directors. Arnold will assume his role as non-executive Board Chair upon the completion of Honeywell Aerospace's planned spin-off from Honeywell. In the interim, he will serve on Honeywell's Board of Directors effective immediately. Following the spin-off, Honeywell will have three reportable business segments namely Building Automation, Industrial Automation and Process Automation and Technology. As of January 22, 2026, Honeywell announced Josh Jepsen will join Honeywell Aerospace as Chief Financial Officer, Bob Buddecke has been named President and Chief Executive Officer of Electronic Solutions, Dave Marinick will become President and Chief Executive Officer of Engines & Power Systems and Rich DeGraff will serve as President and Chief Executive Officer of Control Systems. Honeywell Aerospace will be headquartered in Phoenix, Arizona, and trade on the Nasdaq under the ticker symbol "HONA." As of January 29, 2026, Honeywell announced the separation of our automation and aerospace businesses to be completed in the third quarter of 2026. As of March 3, 2026, Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission (“SEC”) for the planned spin-off of Honeywell Aerospace, which will trade on the Nasdaq under the ticker “HONA.” Honeywell Aerospace would offer up to $16 billion in secured senior notes, which will be guaranteed on an unsecured senior basis by Honeywell until the spin-off is completed. As of April 23, 2026, Honeywell International Inc. updated the expected timing for the spin-off of Honeywell Aerospace to June 29, 2026. As of June 1, 2026, Craig Arnold, Bill Ayer, Scott Davis and Deborah Flint will join the Board of Honeywell Aerospace, and that Evanko will serve on the Honeywell Board alongside current directors Vimal Kapur, Duncan Angove, Michael Lamach, Grace Lieblein, Indra Nooyi, Marc Steinberg, Robin Watson and Stephen Williamson. On June 5, 2026, the board of directors of Honeywell International Inc. has approved the record date for the spin off of Honeywell Aerospace Inc as June 15, 2026. The Distribution is expected to be effective as of 12:01 a.m., New York City time, on June 29, 2026. On the Expected Distribution Date, the Eligible Holders are expected to receive one share of Honeywell Aerospace common stock for every two shares of Company common stock they hold as of the close of business on the Record Date. Goldman Sachs & Co. LLC and Centerview Partners LLC served as lead financial advisor to Honeywell. Skadden, Arps, Slate, Meagher & Flom LLP provided external legal counsel. The board of Honeywell International Inc. (NasdaqGS:HON) completed the Spin-Off of Honeywell Aerospace Inc . (NasdaqGS:HONA) on June 29, 2026. Honeywell Aerospace is now an independent public company, and Aerospace Common Stock will commence trading regular way under the symbol “HONA” on the Nasdaq Stock Market LLC (“ Nasdaq ”) on June 29, 2026, with the CUSIP number 43849R105. Honeywell International Inc. now operates as Honeywell Technologies. Morgan Stanley & Co. LLC acted as financial advisor to Honeywell Technologies. Andrew J. Nussbaum, Karessa L. Cain and George N. Tepe of Wachtell, Lipton, Rosen & Katz and DLA Piper LLP (US) acted as legal advisors to Honeywell Technologies.

Announcement • Jun 27

Eli Lilly And Company Receives Positive Opinion From CHMP For Jaypirca For Treatment Of Adults With Chronic Lymphocytic Leukemia Across All Lines Of Therapy

Eli Lilly and Company has received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use for Jaypirca (pirtobrutinib), a non-covalent Bruton tyrosine kinase inhibitor, for the treatment of adults with chronic lymphocytic leukemia across all lines of therapy and regardless of prior BTK inhibitor treatment. The positive opinion is based on results from the Phase 3 BRUIN CLL-313 and BRUIN CLL-314 trials, previously presented at the 2025 American Society of Hematology Annual Meeting and published in The Journal of Clinical Oncology. BRUIN CLL-313 is the first Phase 3 study to evaluate a non-covalent BTK inhibitor exclusively in patients with treatment-naïve CLL and BRUIN CLL-314 is the first Phase 3 CLL trial to compare non-covalent and covalent BTK inhibitors, as well as the first to compare any BTK inhibitors in the treatment-naïve setting. If granted marketing authorization, this would expand pirtobrutinib's indication as a treatment option for patients with CLL in the European Union across all lines of therapy. The application is now referred to the European Commission for final action. The European Commission's decision is expected in the next one to two months. Results from BRUIN CLL-313 and BRUIN CLL-314 were presented at the American Society of Hematology Annual Meeting and Exposition in December 2025 and published in The Journal of Clinical Oncology. Lilly has also submitted these results to the U.S. Food and Drug Administration for approval for adult patients with CLL, with a decision expected in the second half of 2026. BRUIN CLL-313 is a Phase 3, global, randomized, open-label study of pirtobrutinib versus chemoimmunotherapy (BR) in people with CLL/SLL without 17p deletions who have not been previously treated. The trial enrolled 282 patients who were randomized 1:1 to receive pirtobrutinib (200 mg orally, once daily) or BR per labeled doses. BR is a chemoimmunotherapy regimen used in the treatment of CLL. The primary endpoint is PFS as assessed by blinded IRC. Secondary endpoints include investigator and IRC assessed ORR, duration of response, and PFS, OS, time to next treatment, safety and tolerability and patient-reported outcomes. BRUIN CLL-314 is a Phase 3, randomized, open-label study of Jaypirca (pirtobrutinib) versus Imbruvica (ibrutinib) in patients with CLL/SLL who were either treatment-naïve, or who were previously treated and were BTK inhibitor-naïve. The trial enrolled 662 patients who were randomized 1:1 to receive pirtobrutinib (200 mg orally, once daily) or ibrutinib (420 mg orally, once daily). The primary endpoint is ORR as assessed by blinded IRC. Secondary endpoints include investigator and IRC-assessed PFS, duration of response and event-free survival, and time to next treatment, OS, safety and tolerability, and patient-reported outcomes. Jaypirca (pirtobrutinib, formerly known as LOXO-305) is a highly selective, non-covalent inhibitor of the enzyme BTK. BTK is a validated molecular target found across numerous B-cell leukemias and lymphomas including mantle cell lymphoma and chronic lymphocytic leukemia. Jaypirca is a U.S. FDA-approved oral prescription medicine, 100 mg or 50 mg tablets taken as a once-daily 200 mg dose with or without food until disease progression or unacceptable toxicity. CLL is a form of slow-growing non-Hodgkin lymphoma that develops from white blood cells known as lymphocytes. CLL is one of the most common types of leukemia in adults. There are roughly 100,000 new cases of CLL globally each year, and the overall incidence of CLL in Europe is approximately 4.92 cases per 100,000 persons per year. In CLL, the cancer cells are present in the blood. Indications for Jaypirca (pirtobrutinib) in the United States include adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma who have previously been treated with a covalent BTK inhibitor and adult patients with relapsed or refractory mantle cell lymphoma after at least two lines of systemic therapy, including a BTK inhibitor. This indication is approved under accelerated approval based on response rate. Continued approval for this indication may be contingent upon verification and description of clinical trial benefit in a confirmatory trial. Important safety information for Jaypirca includes infections, hemorrhage, cytopenias, cardiac arrhythmias, second primary malignancies, hepatotoxicity including drug-induced liver injury, embryo-fetal toxicity, and adverse reactions in patients who received Jaypirca. The most common adverse reactions in the pooled safety population of patients with hematologic malignancies were decreased neutrophil count, decreased hemoglobin, decreased leukocytes, fatigue, decreased platelets, decreased lymphocyte count, and calcium decreased. Serious adverse reactions occurred in 38% of patients with mantle cell lymphoma, with pneumonia, COVID-19, musculoskeletal pain, hemorrhage, pleural effusion, and sepsis occurring in 2% or more of patients. Fatal adverse reactions within 28 days of last dose occurred in 7% of patients, most commonly due to infections, including COVID-19. Dose modifications and discontinuations due to adverse reactions included dose reductions in 4.7%, treatment interruption in 32%, and permanent discontinuation of Jaypirca in 9% of patients. Most common adverse reactions and select laboratory abnormalities in mantle cell lymphoma included hemoglobin decreased, platelet count decreased, neutrophil count decreased, lymphocyte count decreased, creatinine increased, fatigue, musculoskeletal pain, calcium decreased, diarrhea, edema, dyspnea, AST increased, pneumonia, bruising, potassium decreased, sodium decreased, lipase increased, ALT increased, potassium increased, alkaline phosphatase increased.

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