On one of the worst day for U.S. stock markets in 2017
After excitement over the new Trump Administration‘s pro-growth policy leanings sent major U.S. stock market indexes to blistering new heights, a record number of investors are now saying we are nearing a fall.
Roughly 34% of fund managers polled in Bank of America Merrill Lynch’s most recent fund manager survey say global equity markets are overvalued. That’s the highest percentage to say so over the past 17 years, CNBC reports. Additionally, an whopping 81% of professional investors say U.S. equities are the most expensive in the world right now.
The report came as U.S. equities were having one of their worst days of 2017. As of noon Tuesday, the S&P 500 index had slid 0.8% to 2,354.29, and the Dow Jones industrial average was down 0.75% to 20,750.