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 18.2%, 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
Fri, 26 Jun 2026	US$79.4t	US$24.3t	US$2.5t	18.9x	31.9x	3.3x
Sun, 24 May 2026	US$73.2t	US$24.2t	US$2.5t	18.6x	29.7x	3x
Tue, 21 Apr 2026	US$75.1t	US$23.7t	US$2.3t	19.8x	32.5x	3.2x
Thu, 19 Mar 2026	US$70.5t	US$23.7t	US$2.3t	18.3x	30.7x	3x
Sat, 14 Feb 2026	US$71.7t	US$23.6t	US$2.3t	19.6x	31.3x	3x
Mon, 12 Jan 2026	US$73.2t	US$23.2t	US$2.3t	19.3x	32x	3.2x
Wed, 10 Dec 2025	US$72.0t	US$23.1t	US$2.3t	18.8x	31.6x	3.1x
Fri, 07 Nov 2025	US$71.3t	US$23.0t	US$2.3t	18x	31.4x	3.1x
Sun, 05 Oct 2025	US$71.0t	US$22.9t	US$2.2t	19.3x	32.5x	3.1x
Tue, 02 Sep 2025	US$67.9t	US$22.9t	US$2.2t	19.3x	31.1x	3x
Thu, 31 Jul 2025	US$66.6t	US$22.6t	US$2.1t	18.2x	31.5x	2.9x
Sat, 28 Jun 2025	US$64.1t	US$22.5t	US$2.1t	18.2x	30.5x	2.8x
Mon, 26 May 2025	US$60.5t	US$22.4t	US$2.1t	17.7x	28.9x	2.7x
Wed, 23 Apr 2025	US$53.5t	US$21.9t	US$2.1t	16.4x	25.8x	2.4x
Fri, 21 Mar 2025	US$59.2t	US$21.9t	US$2.0t	17.7x	28.9x	2.7x
Sun, 16 Feb 2025	US$64.5t	US$21.9t	US$2.0t	18.5x	31.6x	3x
Tue, 14 Jan 2025	US$61.2t	US$22.0t	US$1.9t	18.3x	31.8x	2.8x
Thu, 12 Dec 2024	US$63.7t	US$22.0t	US$1.9t	19.3x	33x	2.9x
Sat, 09 Nov 2024	US$62.4t	US$21.9t	US$1.9t	19x	33x	2.9x
Mon, 07 Oct 2024	US$59.8t	US$21.5t	US$1.9t	18.4x	32x	2.8x
Wed, 04 Sep 2024	US$58.3t	US$21.5t	US$1.9t	17.9x	31.3x	2.7x
Fri, 02 Aug 2024	US$57.4t	US$21.4t	US$1.9t	17.9x	30.7x	2.7x
Sun, 30 Jun 2024	US$56.5t	US$21.3t	US$1.8t	16.8x	30.7x	2.6x
Tue, 28 May 2024	US$55.0t	US$21.3t	US$1.8t	17.2x	30.1x	2.6x
Thu, 25 Apr 2024	US$52.8t	US$21.2t	US$1.8t	16.7x	28.7x	2.5x
Sat, 23 Mar 2024	US$54.4t	US$21.1t	US$1.8t	16.9x	29.5x	2.6x
Mon, 19 Feb 2024	US$52.3t	US$21.0t	US$1.8t	16.4x	29.1x	2.5x
Wed, 17 Jan 2024	US$50.1t	US$21.0t	US$1.8t	16.5x	28.6x	2.4x
Fri, 15 Dec 2023	US$49.3t	US$21.0t	US$1.8t	16.9x	28.1x	2.3x
Sun, 12 Nov 2023	US$45.8t	US$21.0t	US$1.7t	15.4x	26.5x	2.2x
Tue, 10 Oct 2023	US$45.6t	US$21.0t	US$1.7t	15.2x	26.6x	2.2x
Thu, 07 Sep 2023	US$47.0t	US$20.9t	US$1.7t	15.6x	27.4x	2.2x
Sat, 05 Aug 2023	US$47.8t	US$20.9t	US$1.6t	16x	29.4x	2.3x
Mon, 03 Jul 2023	US$47.1t	US$21.0t	US$1.7t	15.5x	28.3x	2.2x


US Market	-2.68%
Healthcare	4.33%
Real Estate	2.62%
Utilities	2.49%
Industrials	1.11%
Energy	0.96%
Consumer Staples	0.21%
Financials	0.038%
Materials	-1.84%
Consumer Discretionary	-4.53%
Tech	-5.04%
Telecom	-8.30%

Company	Last Price	7D	1Y	Valuation	Sector
MU Micron Technology	US$1.21k	7.0% +US$89.7b	863.1%	PE27.1x	Tech
ABBV AbbVie	US$243.14	12.3% +US$47.1b	30.2%	PE119.5x	Healthcare
AMAT Applied Materials	US$668.00	8.2% +US$40.4b	264.6%	PE62.3x	Tech
JNJ Johnson & Johnson	US$244.88	7.2% +US$39.7b	61.1%	PE28x	Healthcare
CAT Caterpillar	US$1.06k	7.2% +US$32.8b	176.8%	PE51.6x	Industrials

Announcement • 18h

OpenAI and Broadcom Unveil LLM -Optimized Intelligence Processor

OpenAI and Broadcom unveiled Jalapeño, OpenAI’s first Intelligence Processor: an accelerator architected around OpenAI’s vision for the future of LLM inference, and the first AI accelerator in a multi-generation compute platform the companies are building together to make advanced AI faster, more reliable, and more accessible to more people. Jalapeño was delivered to OpenAI CEO Sam Altman and President Greg Brockman by Broadcom President and CEO Hock Tan and Semiconductor Solutions President Charlie Kawwas, marking an important step in OpenAI’s strategy to build the full stack behind its models and products. OpenAI designed the chip from scratch around its deep understanding of LLM fundamentals, informed by its roadmap of models, kernels, serving systems, and product needs, with partners Broadcom and Celestica, helping industrialize the platform through chip implementation, board, rack system integration, high-performance networking, and scalable production systems. Jalapeño is designed with flexibility to work with all LLMs guided by OpenAI's insights into the inference needs of current and future AI models across the industry. Engineering samples of the Jalapeño chip are running ML workloads in the lab at production target frequency and power, including GPT-5.3-Codex-Spark. While OpenAI is still measuring final performance, early testing shows that Jalapeño will deliver performance per watt substantially better than current state-of-the-art. The architecture reduces data movement and balances compute, memory, and networking resources to achieve realized utilization much closer to theoretical peak performance. Broadcom’s silicon implementation and networking technologies, including Tomahawk networking silicon, help bring the platform to large-scale production. Jalapeño was designed from the ground up for LLM inference using detailed insights from close collaboration with OpenAI researchers. Jalapeño was co-developed from initial design to manufacturing tape-out in just nine months, and the custom AI accelerator program represents what may be the fastest ASIC development cycle ever achieved in high-performance advanced semiconductors. That speed reflects deep software-hardware co-development with OpenAI’s engineering teams, Broadcom’s silicon implementation expertise, and the use of OpenAI models to accelerate parts of the design and optimization process. Jalapeño is the first step in a multi-generation compute platform designed for initial deployment by the end of 2026, and expanding in the years ahead, combining OpenAI-designed accelerators with Broadcom silicon implementation, networking, and connectivity technologies; and Celestica’s board, rack and system expertise.

Announcement • Jun 24

Merck Receives European Commission Approval For KEYTRUDA Plus Padcev as First PD-1 Inhibitor Plus Antibody-Drug Conjugate Regimen For Adults With Cisplatin-Ineligible Resectable Muscle-Invasive Bladder Cancer

Merck announced that KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 therapy, in combination with Padcev (enfortumab vedotin-ejfv), an antibody-drug conjugate (ADC), is approved in the European Union (EU), as neoadjuvant treatment and then continued after radical cystectomy (RC) as adjuvant treatment, for adults with resectable muscle-invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy. This approval, which also covers KEYTRUDA SC [known as KEYTRUDA QLEXTM (pembrolizumab and berahyaluronidase alfa-pmph) in the U.S.], makes this combination the first and only PD-1 inhibitor plus ADC regimen available for these patients in the EU. This approval is based on results from the pivotal Phase 3 KEYNOTE-905 trial (also known as EV-303), which was conducted in collaboration with Pfizer and Astellas. In the study, KEYTRUDA plus Padcev, as perioperative treatment, demonstrated statistically significant and clinically meaningful improvements in event-free survival (EFS), overall survival (OS) and pathologic complete response (pCR) rate versus surgery alone in patients with MIBC who are not eligible for or declined cisplatin-based chemotherapy. KEYTRUDA plus Padcev reduced the risk of EFS events by 60% (HR=0.40 [95% CI, 0.28-0.57]; p<0.0001) and risk of death by 50% (HR=0.50 [95% CI, 0.32-0.78]; p=0.001) versus surgery alone in these patients. The trial included three arms: Arm A: Three cycles of neoadjuvant KEYTRUDA plus enfortumab vedotin, followed by surgery to remove the bladder (RC), followed adjuvantly by six cycles of KEYTRUDA plus enfortumab vedotin and then eight cycles of KEYTRUDA alone; Arm B: Surgery alone; Arm C: Three cycles of neoadjuvant KEYTRUDA plus enfortumab vedotin, followed by surgery to remove the bladder (RC), followed adjuvantly by six cycles of KEYTRUDA plus enfortumab vedotin and then eight cycles of KEYTRUDA alone. The primary objective of this trial is to compare EFS between arm C and arm B, defined as the time from randomization to the first occurrence of any of the following events: progression of disease that precludes RC surgery or failure to undergo RC surgery in participants with residual disease, gross residual disease left behind at the time of surgery, local or distant recurrence as assessed by imaging and/or biopsy or death due to any cause. The key secondary objectives are to compare OS and the difference in pCR rate between arm C and arm B, as well as EFS, OS and the difference in pCR rate between arm A and arm B. The study remains ongoing to test hypotheses between arm A and arm B. KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells. KEYTRUDA QLEX is a fixed-combination drug product of pembrolizumab and berahyaluronidase alfa. Pembrolizumab is a programmed death receptor-1 (PD-1) blocking antibody and berahyaluronidase alfa enhances dispersion and permeability to enable subcutaneous administration of pembrolizumab. KEYTRUDA QLEX is administered as a subcutaneous injection into the thigh or abdomen, avoiding the 5 cm area around the navel, over one minute every three weeks (2.4 mL) or over two minutes every six weeks (4.8 mL). KEYTRUDA and KEYTRUDA QLEX are each indicated, in combination with enfortumab vedotin, for the treatment of adult patients with locally advanced or metastatic urothelial cancer. KEYTRUDA and KEYTRUDA QLEX, as single agents, are each indicated for the treatment of adult patients with locally advanced or metastatic urothelial carcinoma who are not eligible for any platinum-containing chemotherapy, or who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy. KEYTRUDA and KEYTRUDA QLEX are each indicated, in combination with enfortumab vedotin, as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment for the treatment of adult patients with muscle invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy. KEYTRUDA and KEYTRUDA QLEX, as single agents, are each indicated for the treatment of adult patients with Bacillus Calmette-Guerin (BCG)-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy. In KEYNOTE-905, the most common adverse reactions (=20%) occurring in cisplatin-ineligible patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin (n=167) were rash (54%), pruritus (47%), fatigue (47%), peripheral neuropathy (39%), alopecia (35%), dysgeusia (35%), diarrhea (34%), constipation (28%), decreased appetite (28%), nausea (26%), urinary tract infection (24%), dry eye (21%), and weight loss (20%). In the neoadjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 27% (n=167) of patients; the most frequent (=2%) were urinary tract infection (3.6%) and hematuria (2.4%). Fatal adverse reactions occurred in 1.2% of patients, including myasthenia gravis and toxic epidermal necrolysis (0.6% each). Additional fatal adverse reactions were reported in 2.7% of patients in the post-surgery phase before adjuvant treatment started, including sepsis and intestinal obstruction (1.4% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 15% of patients; the most frequent (>1%) were rash (2.4%, including generalized exfoliative dermatitis), increased alanine aminotransferase, increased aspartate aminotransferase, diarrhea, dysgeusia, and toxic epidermal necrolysis (1.2% each).

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