The S&P 500's trailing price-to-earnings ratio stands at 20.2, down from June's 21.4. With the index rising by 16.3% year-to-date, the P/E multiple has expanded from 18.2 at the end of the prior year.
S&P 500's richer valuation since end of 2022
The index has a 2.4 price-to-sales ratio vs. 2.2 at the end of 2022. At the end of June, the P/S was 2.46.
The S&P 500's dividend yield has fallen this year, reflecting the index's increase. It's currently at 1.55%, down from 1.76% at the end of 2022.