The read
Analysis of Oct 28, 2026, on data through Oct 28, 2026. Charts under each judgment are its evidence; sources are linked in the text.
- Stocks are valued at records just as safe real yields are the highest since 2008. The market value of US non-financial companies is 255.1% of GDP, the highest reading since the series begins in 1947. The S&P 500 closed at 7,677 on Oct 26, 2026, below its high of 7,819 on Oct 6, 2026. The real 10-year Treasury yield is 2.66%, so the reward for owning stocks rather than inflation-protected bonds is unusually thin (Layer 3).
Market value of US non-financial corporate equity
Percent of GDP, quarterly. A broad valuation gauge: higher means prices are high relative to the economy.
Source: Federal Reserve Board (Financial Accounts).
Readings in this chart