According to data from Jin Shi, the US stock market is expected to rise against the trend in 2025, with the S&P 500 index just a hair's breadth away from its historical high. The price-to-earnings ratio of this index, based on expected profits for the next 12 months, is 22 times, which is 35% higher than the long-term average. The 20 valuation indicators tracked by Bank of America strategists show that the index displays overvaluation on each metric. Kevin Gordon, a senior investment strategist at Charles Schwab, stated that the current level of the market is sustainable, but optimistic expectations for earnings may be too high, with multiples nearing cycle highs. The strategist also mentioned that significant interest rate cuts by the Federal Reserve would be a way to narrow the gap between fundamentals and market prices.