Highly valued S&P 500 index is 'near the top of its 85-year trend channel,' says Deutsche Bank

MarketWatch2021-12-14

'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche Bank report The S&P 500 index closed at a record high on Dec. 10, 2021. Chris Hondros/Getty Images ...

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精彩评论

weikeat123
2021-12-14
weikeat123
O
hohok
2021-12-14
hohok
Pls like
Untame
2021-12-14
Untame
Noted
- 55f05e17:
  commenting
Ahsiang
2021-12-14
Ahsiang
Like pls
SillyOldBear
2021-12-14
SillyOldBear
Like pls
- 3937f510:
  done
TC93
2021-12-14
TC93
Good

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Chris Hondros/Getty Images\n...</p>\n\n<a href=\"https://www.marketwatch.com/story/highly-valued-s-p-500-index-is-near-the-top-of-its-85-year-trend-channel-says-deutsche-bank-11639432105?mod=home-page\">网页链接</a>\n\n</div>\n","source":"lsy1603348471595","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Highly valued S&P 500 index is 'near the top of its 85-year trend channel,' says Deutsche Bank</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHighly valued S&P 500 index is 'near the top of its 85-year trend channel,' says Deutsche Bank\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-14 11:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/highly-valued-s-p-500-index-is-near-the-top-of-its-85-year-trend-channel-says-deutsche-bank-11639432105?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche Bank report\nThe S&P 500 index closed at a record high on Dec. 10, 2021. Chris Hondros/Getty Images\n...</p>\n\n<a href=\"https://www.marketwatch.com/story/highly-valued-s-p-500-index-is-near-the-top-of-its-85-year-trend-channel-says-deutsche-bank-11639432105?mod=home-page\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SPY","symbol_name":"标普500ETF","start_time":0,"source_url":"https://www.marketwatch.com/story/highly-valued-s-p-500-index-is-near-the-top-of-its-85-year-trend-channel-says-deutsche-bank-11639432105?mod=home-page","article_id":"2191841329","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2191841329","pubTimestamp":1639452680,"sourceInfo":{"source_id":"lsy1603348471595","name":"MarketWatch"},"weMediaInfo":null,"summary":"'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche ","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SPY":"标普500ETF","UPRO":"三倍做多标普500ETF","SH":"标普500反向ETF","BK4534":"瑞士信贷持仓","SPXU":"三倍做空标普500ETF","IVV":"标普500指数ETF","BK4566":"资本集团","SSO":"两倍做多标普500ETF","OEF":"标普100指数ETF-iShares","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓",".DJI":"道琼斯","BK4552":"Archegos爆仓风波概念","BK4118":"综合性资本市场",".IXIC":"NASDAQ Composite","OEX":"标普100",".SPX":"S&P 500 Index","BK4504":"桥水持仓","DB":"德意志银行","SDS":"两倍做空标普500ETF"},"translate_title":"德意志银行说，高估值的标普500指数“接近其85年趋势通道的顶部”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DB":0.9,"UPRO":0.9,"SSO":0.9,"SPY":0.9,"SPXU":0.9,"SH":0.9,"SDS":0.9,"OEX":0.9,"OEF":0.9,"IVV":0.9,"ESmain":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9},"content_text":"'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche Bank report\nThe S&P 500 index closed at a record high on Dec. 10, 2021. Chris Hondros/Getty Images\nThe S&P 500's \"extremely high\" historical valuation puts the index near the upper bound of a \"trend channel of price appreciation\" that spans more than eight decades, but the broad equity benchmark still could go higher, according to Deutsche Bank Research.\nThe U.S. stock index is \"near the top of its 85-year trend channel,\" the bank's strategists wrote in a research report dated Dec. 10. \"It was only higher in the late 1930s and late 1990s, when it went above,\" a chart in the report shows.\nDEUTSCHE BANK RESEARCH REPORT DATED DEC. 10, 2021\nThe S&P 500 closed Dec. 10 at a record high of 4,712.02 and is on track to gain more than 24% this year, according to FactSet data.\nDeutsche Bank's strategists project the index will continue to climb next year, pointing to earnings growth and saying in their report that stock buybacks should help keep S&P 500 returns strong, particularly in the first half of 2022. They have a price target of 5,250 for the S&P 500 by the end of next year, according to their research note.\nDeutsche Bank Research is part of the investment banking division. Separately, the chief investment office of the bank's wealth-management division provided a 2022 outlook presentation on Dec. 6 that showed an S&P 500 target of 5,000.\n\"For the S&P 500, we see 10% earnings growth to $230 in 2022,\" according to the Deutsche Bank Research note dated Dec. 10, with the strategists referring to their earnings-per-share forecast.\n\"Inflation has historically been neutral for earnings, but negative for multiples,\" they wrote, against the backdrop of a surge in the cost of living during the pandemic.\nValuations for the S&P 500 index are \"extremely high,\" according to the Deutsche Bank Research report. \"Equity valuations are in the 97-100th percentile on almost any metric excluding the 1990s tech bubble period and well into the 90s in percentile terms even including it,\" the strategists wrote.\nTheir 2022 forecast for the S&P 500 implies a trailing 12-month price-to earnings ratio of 22.8, the research report from Dec. 10 shows.\n\"With earnings having already recovered to levels above trend that often marked cycle peaks and equity valuations historically high, the outlook for equities looks subject to a larger degree of uncertainty and a wider range of possible outcomes than is typical,\" the strategists cautioned.\nU.S. stock indexes closed lower Monday, with S&P 500 ending 0.9% lower, FactSet data 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