S&P 500 futures slipped 0.2% overnight as Treasury yields ticked up, hinting at renewed caution ahead of key CPI data. Market breadth remains mixed, and defensive sectors may see short-term rotation. The reason this valuation data is meaningful is because the Shiller P/E has an uncanny ability to predict the future. Though it's not a timing tool in any way -- as noted, stocks remained historically pricey for years before the dot-com bubble burst -- all five prior readings above 30 were eventually followed by pullbacks in the S&P 500, Dow Jones Industrial Average, and/or Nasdaq Composite ranging from 20% to 89% (during the Great Depression). Service sector activity in the U.S. stalled in September amid a slowdown in production to its lowest level since the early months of the Covid pandemic. Futures gained after a positive revision in GDP growth estimates, supporting the view that corporate earnings projections may remain robust through year-end.