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Expand chart
Data: Deloitte CFO Signals; Chart: Axios Visuals

80% of CFOs say the stock market is overvalued, according to Deloitte's quarterly survey of Fortune 500 executives out this morning.

Why it matters: The share fell by 4 percentage points from last quarter. Still, it remains among the highest levels in the survey’s history.

  • 15% of CFOs said the U.S. equity market was neither overvalued or undervalued — slightly higher than last quarter, but well below the recent peak of 44% who said the same in early 2019.

What they’re saying: “[T]o the extent that they believe it’s valued properly or overvalued, that’s going to have an impact on how aggressive they are with respect to funding acquisitions through equity,” Deloitte’s Steve Gallucci told reporters on Tuesday.

  • “I think many CFOs believe that at one point in time we’ll have a pivot where the capital markets will be more aligned with the real economy.”

Details: The majority of CFOs (60%) expect the stock market to be higher by the end of the year.

On the economy: 18% rate the North American economy as good, while 26% say it is bad (an improvement from the 60% who called it bad last quarter).

  • 59% expect better conditions next year — up from the 43% in Q3.
  • Perceptions of China’s economy exceeded those of North America for the first time in Q3 — and the gap widened this quarter. Nearly half cite good conditions now, and 60% expect better conditions next year.

Go deeper

Dion Rabouin, author of Markets
Dec 21, 2020 - Economy & Business

The world's dual realities could harden in 2021

Illustration: Sarah Grillo/Axios

Heading into 2021, the economy is in a state of gross divergence, presenting opposing narratives that are drifting further apart, creating ostensible winners' and losers' brackets.

Why it matters: The pandemic has accelerated shifts in the economic makeup of the U.S. and the world. Those trends are being further cemented.

Dec 22, 2020 - Health

Axios-Ipsos poll: Finally, some optimism about COVID

Data: Axios/Ipsos survey; Chart: Danielle Alberti/Axios

One in three Americans believe their physical and mental health will be better next year as more people say they plan to get the COVID vaccine as soon as it's available, in the latest installment of the Axios/Ipsos Coronavirus Index.

Why it matters: In a year of unrelenting bad news and doom, the survey finally shows some hints of optimism about the pandemic — though it has yet to spread to the majority of Americans.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.