S&P 500 Index Analysis: Valuation, Quality, and Momentum Insights for September
This report provides a monthly, top-down analysis of the S&P 500 Index, focusing on key sector metrics including valuation, quality, and momentum. It reveals that the median S&P 500 company is overvalued by 13.5% compared to historical averages, while its quality scores remain aligned with long-term benchmarks. The energy sector continues to lead in value and quality, contrasting with the overvalued technology, industrials, and materials sectors. The strong performance of mega-cap stocks has significantly influenced the S&P 500's overall 12-month return of 16%, surpassing that of its median constituents.