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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
Jan 28, 2021 - Economy & Business

Apple raked in $111 billion in revenue in a single quarter

Expand chart
Data: FactSet; Chart: Axios Visuals

Big Tech had a strong start to earnings season, as the S&P 500's heavy hitters reported Wednesday after market close.

What happened: Spurred by strong sales of the latest iPhones, Apple had its strongest quarter ever, raking in $111.4 billion in revenue for the three months ended Dec. 31, far outpacing expectations.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.

Dion Rabouin, author of Markets
Jan 28, 2021 - Economy & Business

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.