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The S&P 500's cyclically-adjusted price-to-earnings ratio reached 40.6 in September 2026, a valuation level that exceeds the 20-year average of 27.8.
This metric, which the University of Michigan and market analysts use to gauge market pricing, has only surpassed 40 in 26 months since the index began tracking in January 1957.
According to data from Robert Shiller and YCharts, the current valuation indicates that the stock market has been more expensive in only 3% of its history.
Consumer sentiment continued its downward trend in October 2026, falling to 46.3.
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