> ## Documentation Index
> Fetch the complete documentation index at: https://stockcontext.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Clocks and provenance

> The two clocks (SEC and market), the verification timestamps, and the provenance levels on every value.

Fundamentals and prices move on different timelines, so a response carries more than one clock. Read the right one for the value you are presenting.

## The two clocks

* **`meta.as_of.sec`** — the SEC knowledge cutoff: the latest date filings were ingested through. It governs fundamentals, filings, insider, and ownership.
* **`meta.as_of.market`** — the market clock for the licensed price feed.

A value derived from a price and a fundamentals input crosses both clocks. In `stock_overview`, a P/E carries `provenance: "computed_from_prices"` and names both dates:

```json theme={null}
{
  "price_to_earnings": { "value": "39.4611", "provenance": "computed_from_prices",
    "inputs": { "eps_period_end": "2025-09-27", "price_date": "2026-07-01" } }
}
```

Present it as moving with the price and cite `price_date` — never as "the filing states."

## Verification timestamps

Fundamentals responses carry two more times in `meta`:

* **`published_at`** — when this projection was built.
* **`last_verified_at`** — when the served fundamentals were last checked against SEC's own data.

Together with `meta.build.fundamentals` (the source-hash of the underlying filing), they let you tell how fresh and how verified a number is.

## Provenance levels

Every value declares its trust chain, so you never blend classes:

| Provenance                                | On                                      | Meaning                                                                     |
| ----------------------------------------- | --------------------------------------- | --------------------------------------------------------------------------- |
| (SEC-verified) `status: direct`/`derived` | fundamentals                            | Statement-face value re-checked against SEC.                                |
| `licensed_market_data`                    | `stock_prices`                          | End-of-day price from a licensed feed.                                      |
| `computed_from_prices`                    | `stock_technicals`, valuation multiples | Analytics computed from held prices, or a price times a fundamentals input. |
| `sec_filing`                              | insider, ownership                      | Faithful transcription of a filing as submitted.                            |

## Prices are end-of-day, with an intraday quote overlay

The authoritative price feed is end-of-day. Snapshot responses also carry an IEX last-sale quote (a thin single venue, \~2.5–3% of consolidated volume) — this is not a consolidated real-time or tick feed. `market_status` is a session hint (open/closed), not an exchange operations feed — do not read halts, auctions, or execution readiness into it. See [Coverage and gaps](/docs/reference/coverage-and-gaps) for what the feed does and does not include.