[UBS: us stock valuations are still high] UBS released a report saying that US stock valuations are still high and the rally is only driven by a small number of stocks. UBS said the s & p 500 trades at 18.5 times forward earnings, about 14 per cent higher than the average over the past decade, in line with the agency's view that there is still limited upside for stocks in the near term. In addition, the FANG+ index, which tracks the top 10 companies traded on the New York Stock Exchange, is up 60% so far this year, indicating that the rally has been driven by a small number of stocks, while the seven largest stocks in the S & P 500 have accounted for almost all of the index's gains this year.