As a result, stock valuations are now approaching record highs. Buffett's preferred valuation indicator, total U.S. stock market value divided by GDP, dubbed the Buffett Indicator , has climbed above 200%. When the indicator reaches that level, as it did in 1999 and 2000, Buffett says, "You are playing with fire." Despite the data blackout, several Federal Reserve officials are slated to speak this week, including Fed Governor Stephen Miran on Wednesday and Chair Jerome Powell on Thursday. Stock market futures point to cautious optimism as S&P 500 futures rise 0.38%, with oil prices stabilizing at $72/barrel—potentially softening energy sector volatility ahead of Q2 earnings.