US stocks give back gains: S&P 500 trades lower

Morgan Stanley's Mike Wilson was on CNBC just now and made a compelling case that US stock indexes are richly valued. He said earnings estimates are still too high and that multiples are still rich.

He also made the argument that inflation is disguising margin weakness. Companies have sold goods that were acquired/built at lower prices while realizing higher prices themselves. Now, the costs of creating product have caught up and pricing power is maxed out. It's a compelling argument.

The S&P 500 S&P 500 The S&P 500 is a stock market index that measures the performance of 500 large companies listed on stock exchanges in the United States. In particular, the S&P 500 index is a capitalization-weighted index. The ten largest companies in the index account for approximately 26% of the market capitalization of the index. At the time of writing, the S&P 500 has a market cap of $30.5 trillion.These companies in the index include Apple Inc., Microsoft, Amazon.com, Alphabet Inc., Facebook, Johnson & John The S&P 500 is a stock market index that measures the performance of 500 large companies listed on stock exchanges in the United States. In particular, the S&P 500 index is a capitalization-weighted index. The ten largest companies in the index account for approximately 26% of the market capitalization of the index. At the time of writing, the S&P 500 has a market cap of $30.5 trillion.These companies in the index include Apple Inc., Microsoft, Amazon.com, Alphabet Inc., Facebook, Johnson & John Read this Term rose as high as 4033 today but is back to 4011. That downtrend looms as the index flirts with the 200-day moving average.