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Morningstar's Q3 2025 US Market Outlook expects a stormy quarter ahead, despite the market hitting new highs in the previous quarter. The market is trading at a 1% premium over its fair value, with a price/fair value of 1.01. The outlook will focus on market valuation, returns, sector valuations, top picks, economic moat, US economic outlook, mega-cap stocks, and fixed-income outlook.

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