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Core Insights - The main equity markets, including the S&P 500 and Nasdaq-100, are experiencing high valuations while approaching all-time highs amidst economic uncertainty [1] Market Analysis - The S&P 500 and Nasdaq-100 are described as "richly priced," indicating that current valuations are elevated [1] - Despite the high valuations, these markets continue to flirt with new all-time highs, suggesting investor optimism or speculative behavior [1] Economic Context - Rising economic uncertainty is highlighted as a backdrop to the current market conditions, which may impact future performance [1]