Battered U.S. stocks may not be bargains as investors brace for inflation data

U.S. stocks’ tumble this year is putting an increased focus on equity valuations as investors assess whether recently discounted shares are worth buying in the face of a hawkish Federal Reserve and widespread geopolitical uncertainty.

With the benchmark S&P 500 index down 13.5% year-to-date, valuations stand at their lowest levels in two years, putting the index’s forward price-to-earnings ratio at 17.9 times from 21.7 at the end of 2021,…

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