NASDAQ:PRFX 16 January 2026 - 29 May 2026

July 9, 2026, 6:09 AM EDT. Stocks keep climbing off the back of artificial intelligence (AI) driven growth, with the Nasdaq up 122% and S&P 500 ahead 78% in three years. The Dow just closed above 53,000 for the first time. But the Buffett indicator-which tracks total market value against U.S. GDP-has jumped to over 235%, a record. Warren Buffett has said numbers like this mean investors are "playing with fire." That point of view is at odds with today's run-up, where valuations look stretched. Historically, markets have pulled back after these kinds of peaks.