Stocks brace for earnings season | JP Morgan's big trading results | How overvalued are stocks?

Stocks held near their record highs on Tuesday as the major indexes ended the day mixed.

VIEW IN BROWSER | SUBSCRIBE TUE, JAN 14, 2020 EVENING BRIEF AS OF TUE, JAN 14, 2020 • 04:22 ET DJIA 28939.67 +0.11% +32.62 S&P 500 3283.15 -0.15% -4.98 NASDAQ 9251.33 -0.24% -22.60   Most Active DOW NAME LAST CHG %CHG AAPL 312.68 -4.28 -1.35% JPM 138.80 +1.60 +1.17% MSFT 162.13 -1.15 -0.70% S&P 500 NAME LAST CHG %CHG BAC 35.32 +0.26 +0.74% WFC 49.30 -2.81 -5.39% GE 12.03 -0.09 -0.74% NASDAQ NAME LAST CHG %CHG AAPL 312.68 -4.28 -1.35% AMD 48.21 -0.54 -1.10% TSLA 537.92 +13.06 +2.49% EDITOR'S NOTE It's natural to feel uneasy when stocks are trading around their all-time highs and the market seems increasingly detached from reality.   Indeed, the stock market's value has never been so high relative to the output of the U.S. economy, writes CNBC's Maggie Fitzgerald.   Goldman Sachs recently put out a note showing that the equity market cap-to-GDP ratio is above 200%, an all-time high. What this means is that investors are expecting more earnings growth than companies can likely deliver in 2020. Warren Buffett and Nobel Prize winner Robert Shiller have used similar metrics to gauge whether a market is overvalued.   The Dow Jones Industrial Average swung between gains and losses on Tuesday, but the major indexes remain near record highs.   "Such elevated valuations in past periods have weighed on equity returns over the subsequent five years and lowered the odds of positive outcomes," Goldman Sachs Investment Strategy Group CIO Sharmin Mossavar-Rahmani wrote. "That the bulk of last year's returns came from higher valuations, and not growth in earnings, only compounds investors' concerns."     Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.   Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  A volatile day for the Dow as bank stocks rise, led by JP Morgan The stock market has never been this big relative to the economy, signaling it could be overvalued Here's how the world's largest money manager is overhauling its strategy because of climate change Bond data back to the Black Death shows lower and even negative rates could be here to stay Elizabeth Warren says her plan to eliminate student loan debt can bypass Congress Boeing posts negative commercial airplane orders in 2019 for first time in decades JP Morgan earnings crush analysts' estimates as bond trading revenue surges by nearly 90% Wells Fargo fourth-quarter profit drops 50% as legal fees, low interest rates weigh on results Beyond Meat is on the move again, trading in big swings and burning short sellers Amazon lifts FedEx ground-delivery ban for sellers, FedEx shares rise     TOP VIDEO ARK Invest CEO Cathie Wood on why she believes Tesla can surge to $6,000   CNBC PRO Jefferies and Deutsche increase Tesla price targets as analysts expect a strong 2020 performance   SPECIAL REPORTS Stocks enter earnings season at their most expensive in two years After Five Below's sharp decline, chart analyst backs competitor as buy   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS