The S&P 500 Index is trading at 22 times expected profits

 

35% above its long-term average

Of the 20 such valuation metrics tracked by Bank of America  strategists, the S&P 500 is screening expensive on each one.

https://www.bloomberg.com/news/articles/2025-06-25/s-p-500-needs-profit-boom-or-fed-cuts-to-justify-lofty-levels