15th August 2025

BNY: Are valuations expensive?

Last week the S&P 500 reached yet another all-time high. After nearing a 20% decline in April, the index is up over 8% year to date. With a 22x forward price-to-earnings ratio for the S&P 500, many investors are wondering if the market is expensive. Our analysis suggests that valuations are high because the market is more profitable, which is driven by tech.

Investment Commentary, Investments

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