(Bloomberg) — Corporate finance chiefs say something looks off with the U.S. stock market.
About 84% of chief financial officers said equities are too expensive in a quarterly survey conducted by Deloitte LLP — the second-highest level in the decade since the accounting and consulting firm began collecting the data. Only 2% of respondents said U.S. stocks look cheap.
That may not come as a surprise with the S&P 500 trading at all-time highs, up 55% from March lows, but the data provide further insight into the views of corporate management, particularly the finance departments responsible for capital expenditures. At 27 times earnings, the S&P 500’s price-earnings ratio is hovering near the highest level since the early 2000s.
Deloitte collected responses from 155 CFOs across North America, most of whom work at companies with more than $1 billion in annual revenue. The survey spanned Aug. 3 to Aug. 7. Since