Bank of America warns of intense triggering of bear market signals in the US stock market. On June 9th, Golden Jubilee Data reported that Bank of America Securities stated that investors should remain cautious about the US stock market, as more and more bear market signals indicate that the market is approaching its peak. The strategist team led by Savita Subramanian wrote in a report dated June 5th that approximately 70% of bear market signals have been triggered, consistent with the average level of historical market peaks. 17 of the 20 valuation indicators of the S&P 500 index show "statistically overestimation", of which 8 indicators are even higher than the level during the technology foam. In addition, high P/E ratio stocks significantly outperform undervalued stocks, which strategists believe is a "sign of excessive speculation". Within the technology sector, the gap between the best and worst performing quintiles has widened to its highest level since February 2000. The strong performance of the S&P 500 index "masks the intense internal differentiation", and the return gap between the top 10% and bottom 10% of the index's constituent stocks in the past three months has risen to the highest level in the post pandemic era. The fundamentals of some technology stocks are still healthy, but Subramanian pointed out that "cash flow conversion rates have stagnated, investment grade bond and stock supply has increased, the proportion of stock repurchases to market value has decreased, and the proportion of capital expenditures to operating cash flow of ultra large scale cloud computing enterprises is expected to approach 100% by the end of the year, higher than 40% in 2023