Animal Spirits: This Will not Finish Nicely

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At this time’s Animal Spirits is delivered to you by Nasdaq and Janus Henderson Traders:

On in the present day’s present, we talk about:

Hear right here:

Charts:

Suggestions:

Tweets/Bluesky:

The S&P 500’s P/E ratio has truly fallen this yr in the course of the rally pic.twitter.com/BmCAnmur4i

— Gunjan Banerji (@GunjanJS) Could 10, 2026

Are we in a bubble? Is that this 2000?

IMO, no and no.

Keep in mind, these questions have been within the air for years now (excerpt from a March 2024 report)

Fiscal coverage stays one of the vital necessary macro variations
-In 2000 govt was working a 2% surplus
-At this time the deficit is ~6% pic.twitter.com/QWqegOb5Yu

— Warren Pies (@WarrenPies) Could 11, 2026

In all probability the craziest chart in markets proper now pic.twitter.com/9HiBJp3c0n

— Daniel von Ahlen (@Daniel_VonAhlen) Could 8, 2026

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