The U.S. stock market has reached unprecedented levels, with the U.S. share of the global equity market hitting a record 56%, surpassing the peak seen during the 2000 Dot-Com Bubble. U.S. earnings currently account for approximately 44% of the market, but they have not kept pace with the expansion in market capitalization. The S&P 500 is now valued at its highest level in history according to various indicators, with combined valuation metrics exceeding those from the Dot-Com Bubble and the 1920s prior to the Great Depression. Additionally, the S&P 500 Financials sector ETF, identified by the ticker $XLF, has achieved a new all-time high, contributing to the overall market's record valuations.