Jerome Powell's observation regarding equity valuations hits the nail on the head.

In spite of some early-year volatility fueled by tariff-related uncertainty, it's turned out to be a stellar year for investors. The widely followed S&P 500 ( ^GSPC -2.71% ) has recorded 32 new all-time highs this year, as of the closing bell on Oct. 6, with the iconic Dow Jones Industrial Average ( ^DJI -1.90% ) and growth-propelled Nasdaq Composite ( ^IXIC -3.56% ) pushing to numerous record-closing highs as well.

Wall Street and everyday investors have been enamored with the sky-high addressable markets attached to game-changing innovations like artificial intelligence and quantum computing, and are excited about the prospect of the Federal Reserve continuing with a rate-easing

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