Stock Market Update

[BRIEFING.COM] The buying momentum seen earlier has faded a bit. That's not to say sellers have taken control only that perhaps marginal buyers are harder to find given how much good news has been priced into the stock market already.

The forward 12-month P/E multiple for the market-cap weighted S&P 500 sits at 21.6x, which is a 20% premium to the 10-yr average, according to FactSet.

The forward 12-month P/E multiple on the equal-weighted S&P 500, which hit a new record high today, is a more palatable 17.0x, but that is also a premium to the 10-yr average of 16.4x.

In general, though, stocks continue to trade on a wave of optimism about lower rates ahead and the economy remaining on a growth trajectory.