U.S. stock indices were mostly down on Monday. Only the Dow Jones was up 0.3%, the S&P 500 and NASDAQ were down 0.087% and 0.6%, respectively. On Monday, telecom stocks led the way, utility providers, health care players. Outsiders were oil and gas, financial and industrial companies. According to company Mercer Advisors investment director Don Calcagni, investment director at Mercer Advisors, the stock market at the moment is highly overvalued, although there's no to say there's an obvious bubble yet. The overestimation prices, in his opinion, are now pointed out by all indicators, including P/E and the "Buffet gauge," which measures the S&P 500's capitalization relative to the U.S. GDP. S&P 500 to U.S. GDP. However, many players are not paying attention to these signals, thinking that the growth will continue under the influence of soft policies Federal Reserve and the spread of vaccines. However, the expert stresses, that if you go back to history, such a reaction has always accompanied bubbles in the market.