Alphabet just had its worst day as a public company. BofA now values Google search at a lower multiple than fossil fuel stocks

News summary

Google search, the business that paid for two decades of Alphabet’s ambitions, is now valued at about 10 times earnings, by Bank of America’s count. The S&P 500 trades at 18.7x forward earnings, according to FactSet . Energy, the market’s cheapest sector, trades at 13x.