Comparable to the Internet bubble period! This indicator from Deutsche Bank shows that the US stock market is extremely overheated

Zhitong
2025.07.24 13:39
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Deutsche Bank AG strategists pointed out that the level of margin debt in the United States is approaching historical highs, even surpassing the levels during the tech bubble, indicating that market enthusiasm is extremely high and may pose a threat to the credit market. Recently, margin debt on the New York Stock Exchange surged by 18.5% within two months, reflecting a trend of investors using leverage to purchase stocks. Strategists warned that this situation could lead to an expansion of high-yield credit spreads in the future