Report published September 10, 2026
Raymond James Daily Update: S&P 500 Valuation Compression, Inflation Outlook, and Energy Markets
Raymond James · September 10, 2026
Raymond James maintains a constructive 12-month view on US equities as the S&P 500's forward PEG ratio drops to an 18-year low of 0.8x. While oil prices have surged above $100 amid geopolitical flareups, cooling core inflation should allow the Federal Reserve to keep rates steady.
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Finvaulta summarizes Raymond James's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The S&P 500 forward PEG ratio has compressed to 0.8x, an 18-year low (lowest since 2008), supporting a constructive 12-month outlook for US equities.
- 2.Fed policymakers are expected to look past headline energy-driven PPI and CPI prints, as cooling core CPI (expected at 2.4% YoY) allows them to hold interest rates steady.
- 3.Brent crude has crossed $100/barrel on Persian Gulf tensions, but US natural gas prices remain down 24% YTD, shielding domestic consumers compared to Europe and Asia.
Table of Contents
- August PPI On Deck At 8:30 AM ET Today, Followed By CPI Tomorrow—Focus On Core Metrics
- Happy National 401(k) Day!—A Reminder Of How Time Drives Long-Term Wealth Creation
- Today And Tomorrow Will Bring A Flurry Of High-Profile Earnings Reports
- As WTI Nears $100/Barrel, There Is A Bit Of Good News For US Consumers—Natural Gas Prices Remain Low
- S&P 500's PEG Ratio Compresses To An 18-Year Low As Valuations Become More Compelling
Report data
Chart of the Day: Valuation Throwback — as of September 9, 2026.
| Metric | Estimate | Context |
|---|---|---|
| S&P 500 Forward PEG Ratio | 0.8 x | Forward PEG ratio comparing P/E to projected earnings growth reaching an 18-year low. |
| Expected Core CPI (YoY) | 2.4% | Forecast for upcoming core CPI inflation release. |
| Average 401(k) Balance | 156,000 USD | Fastest quarterly balance increase since 2020. |
| 401(k) Millionaires Count | 769,000 accounts | Number of savers holding balances of at least $1 million. |
| US Natural Gas (Henry Hub) YTD Performance | -24% | Domestic gas prices falling despite European and Asian gas spikes. |
Reports in this series
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