BofA says S&P's price-to-book valuation higher than dot

The stock market's valuation is giving dot-com bubble vibes. Bank of America strategist Michael Hartnett pointed out that the S & P 500 is trading at 5.3 times its price-to-book value. His data shows the valuation is higher than that of March 2000, when the internet bubble peaked and began to burst, eventually sending the benchmark into a bear market. FactSet data also puts the index's valuation near levels not seen since the late-1990s dot-com bubble. Price-to-book measures the value of a company's assets minus its liabilities. "It better be different this time," Hartnett wrote in a Thursday note to clients. The sky-high valuation comes as investors continue to pile into artificial intelligence-related stocks such as Nvidia , while expectations around Federal Reserve rate cuts have skyroc