May 12, 2021 The S&P 500 is off a third of a percent over the past week. That’s not an alarming decline, and perhaps not one that brings “sell in May and go away” to mind. Not yet anyway. However, recent equity market lethargy coupled with concerns about rising inflation may give advisors and investors reasons to evaluate just how much stocks can run from here. Gauging the exact answer to that riddle could be a fool’s errand, but it’s worth noting equities aren’t exactly cheap today. “Equity markets have rebounded rapidly since the drastic coronavirus-induced sell-off a year ago and have powered past pre-crisis levels. As a result, stock valuations are elevated, and many investors wonder if the rally will continue,” says Timothy Murray, T. Rowe Price capital markets strategist – multi-asset division.