{"id":3356,"date":"2026-06-30T15:41:31","date_gmt":"2026-06-30T15:41:31","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=3356"},"modified":"2026-06-30T15:41:31","modified_gmt":"2026-06-30T15:41:31","slug":"tech-selloff-stirs-bubble-fears-in-us-stock-market","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=3356","title":{"rendered":"Tech selloff stirs bubble fears in US stock market"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>NEW YORK, June 30 (Reuters) &#8211; Soaring stock market valuations, dramatic swings in the market value of trillion-dollar companies, and periodic sharp \u200bselloffs have fueled growing concerns that parts of the U.S. stock market may be in a bubble.<\/div>\n<div>Investors have long been skeptical of the astronomical gains \u200cin AI and semiconductor stocks, questioning whether Wall Street is inflating another speculative bubble.<\/div>\n<div>Those fears increased last week after tech stocks fell sharply, driven by concerns over debt-funded AI spending and worries over a hawkish Federal Reserve.<\/div>\n<div>Stocks have steadied as investors see sentiment, broadening market participation and solid earnings supporting the rally \u2014 but concerns remain.<\/div>\n<h2>MARKET FRAGILITY MEASURES RISE<\/h2>\n<div>&#8220;Looking through the lens of valuations, positioning, and sentiment &#8230; all measures of asymmetry and risk are \u200bflashing amber,&#8221; said Oliver Shale, investment specialist for the U.S. at Britain-based Ruffer.<\/div>\n<div>Some measures of valuation have scaled near-record peaks while certain sentiment gauges are flying high.<\/div>\n<div>&#8220;None \u200bof this is to say that the end is nigh, but that is a fragile setup for any market,&#8221; Shale said.<\/div>\n<div>Indeed, BofA Global \u2060Research&#8217;s proprietary Bubble Risk Indicator, which scores assets on a scale of 0 to 1, with 1 signaling extreme bubble-like price action, stands at 0.91 for the PHLX Semiconductor \u200bSector and 0.82 for the Technology Select Sector (.IXT)<svg><\/svg><span>, opens new tab<\/span>.<\/div>\n<h2>VALUATION WORRIES<\/h2>\n<div>The U.S. stock market&#8217;s valuation has reached levels historically associated with major downturns, as measured by the Buffett Indicator \u2014 named after investor Warren Buffett.<\/div>\n<div>The \u200bindicator, which compares total U.S. stock market capitalization with gross domestic product, stood at 218% for the first quarter, just shy of the record high of 219% touched in the prior quarter.<\/div>\n<div>The S&amp;P 500 price-to-sales ratio currently sits at 3.22, according to Tajinder Dhillon, head of earnings research at LSEG. That is well above its long-term historical average of 1.84, signaling stretched market valuations.<\/div>\n<div>&#8220;Nearly every S&amp;P 500 valuation metric is \u200bhigher than it&#8217;s ever been except, possibly, PE ratios,&#8221; said Mark Spiegel, managing member and portfolio manager at Stanphyl Capital Partners.<\/div>\n<div>While the S&amp;P 500 price-to-earnings ratio, the most widely cited \u200bvaluation metric for equities, has not reached the extreme levels seen during past market bubbles \u2014 supported in part by robust earnings growth \u2014 some investors remain skeptical.<\/div>\n<div>&#8220;There&#8217;s a solid argument that the &#8216;E&#8217; (earnings) in those \u200cratios is an \u2060unsustainable bubble in itself,&#8221; Spiegel said.<\/div>\n<div>The S&amp;P 500&#8217;s price-to-earnings ratio stands at 20.2 times expected 12-month earnings, compared with 25.2 during the dotcom bubble, according to LSEG Datastream.<\/div>\n<div>The surge in AI-driven chip demand has minted big winners on the supply side, but doubts persist about returns for those footing the bill.<\/div>\n<div>&#8220;The folks selling the picks and shovels are in incredibly good stead. Those buying them still have to prove that the billions and billions of dollars they\u2019re spending is worth it,&#8221; JJ Kinahan, head of retail expansion and alternative investment products at \u200bCboe Global Markets, said in a note.<\/div>\n<h2>SENTIMENT MEASURES \u200bSHOW MIXED SIGNALS<\/h2>\n<div>Sentiment and positioning measures are \u2060more mixed.<\/div>\n<div>BofA&#8217;s June global fund manager survey showed investors remain bullish, though sentiment eased slightly from May.<\/div>\n<div>In the latest American Association of Individual Investors (AAII) Sentiment Survey, bearish views fell noticeably while bullish sentiment jumped, pushing the bull-bear spread to 8.8% \u2014 above its historical average of \u200b6.5% for only the second time in 20 weeks. It is well short of its 44.2% peak, suggesting no signs of euphoria.<\/div>\n<div>Some \u200binvestors also take heart \u2060from a recent broadening in market leadership. After spiking to around 14 percentage points in early 2026, the gap between the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> and its equal-weight counterpart (.SPXEW)<svg><\/svg><span>, opens new tab<\/span> has been ticking lower in recent sessions, now sitting at roughly 3 points, signaling a meaningful broadening of the rally.<\/div>\n<div>&#8220;A red flag is when sentiment and positioning is at extremes, and that&#8217;s not what we see now,&#8221; Angelo \u2060Kourkafas, senior \u200bglobal investment strategist at Edward Jones, said.<\/div>\n<div>While the market may not be screaming danger just yet, investors would \u200bbe prudent to stay diversified, Brian Jacobsen, chief economic strategist at Annex Wealth Management, said.<\/div>\n<div>&#8220;It does look like too many people are assuming fat margins and high growth rates are here to stay, while I\u2019m a bit more \u200bskeptical about that outlook.&#8221;<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3354\">AI spending, earnings hopes, Fed outlook set to sway US stocks in second half<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3352\">Wall St set for strongest quarter in years as risk appetite holds despite US-Iran war<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3350\">Uncertainty over Qatar diplomacy clouds prospects for US-Iran deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Soaring stock market valuations, dramatic swings in the market value of trillion-dollar companies, and periodic sharp \u200bselloffs have fueled growing concerns that parts of the U.S. stock market may be in a bubble.<\/p>\n","protected":false},"author":1,"featured_media":3355,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[112,134],"class_list":["post-3356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-capital-markets","tag-etfs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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