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The Stock Market Has Been Here Precisely Once Before. Buckle Up as Kevin Warsh Tries to Land the Plane
Key takeaways
- The Stock Market Has Been Here Precisely Once Before.
- Microsoft and Nvidia trade at forward P/Es of 22x to 37x, and a 50-basis-point rate shift could compress those valuations by up to 12%.
- Fact Set projects 23% S&P 500 earnings growth in 2026, giving Warsh a strong buffer, though that cushion holds only if rate expectations stay anchored.
The Stock Market Has Been Here Precisely Once Before. Buckle Up as Kevin Warsh Tries to Land the Plane Rich Duprey Fri, June 5, 2026 at 12:07 AM GMT+7 5 min read ^GSPC NVDA MSFT Quick Read Tech now commands 31% of the S&P 500 versus 14% in 2001, meaning today s matching 3.64% rate hits valuations far harder than it did then.
Microsoft and Nvidia trade at forward P/Es of 22x to 37x, and a 50-basis-point rate shift could compress those valuations by up to 12%.
Fact Set projects 23% S&P 500 earnings growth in 2026, giving Warsh a strong buffer, though that cushion holds only if rate expectations stay anchored.
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