US stocks have pulled back in November as investor anxiety about stretched valuations supplanted earnings optimism.
While artificial intelligence (AI) names have dominated headlines, some market experts argue the risks extend far beyond tech.
Dan Hanbury – who’s currently with the Anglo-South African asset manager, “Ninety One” – for example, says investors are wrestling with a broader phenomenon: one that he calls an “everything bubble.”
Despite valuation concerns and macroeconomic uncertainty in the aftermath of the US government shutdown, however, the benchmark S&P 500 index remains up well over 30% versus its YTD low.
Why is there an ‘everything bubble’ in the US stock market
Speaking with CNBC this week, Hanbury said the focus on AI valuations misses the wider picture.
According to him, US equities, in particular, are trading at levels difficult to justify, even with solid earnings growth.
“It’s very hard to argue there’s not a bubble in the US market,” he said – noting that debt-backed instruments, property, and bond markets are all feeding into inflated equity prices.
Dan Hanbury said a combination of robust corporate profits and normalization of interest rates has created a paradox: investors are chasing growth while ignoring red flags.
This dynamic – he warned – is symptomatic of a broader “everything bubble” that stretches across asset classes, not just AI-linked stocks.
US stock market is showing signs of a top
Veteran trader Stan Weinstein has also cautioned that signals of a market peak are flashing.
In his Global Trend Alert, he dubbed the S&P 500’s intraday high of 6,920.34 in late October “one of the worst new highs” he has seen – pointing to weak advance-decline data beneath the surface.
He added that proprietary surveys failed to show a clearly bullish backdrop before the peak, while sell recommendations have outpaced buys for weeks.
With the index now more than 4% below its ATH and suffering its worst weekly performance since early October, Weinstein urged “extreme caution.”
According to him, the recent pullback in US stocks is not a routine correction, especially with thin holiday trading volumes amplifying volatility.
The challenge heading into the new year
Together, Hanbury’s “everything bubble” thesis and Weinstein’s technical warning underscore the precarious state of the global financial markets.
While artificial intelligence hype sure has captured investor imagination, the risks appear more systemic, spanning debt, property, and equities.
With fund managers increasingly labeling stocks as overvalued and central banks still calibrating policy, the path forward looks rather uncertain.
Fear and greed continue to shape trading behaviour – leaving investors to weigh whether current valuations can withstand shifting economic conditions.
As Dan Hanbury put it, the challenge heading into the next year (2026) is plotting a way through a market where exuberance may have outpaced fundamentals.
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