S&P 500 valuation measures

S&P 500 index: Forward P/E ratio

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Valuation measure Description Latest 30-year avg.
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Inspired by J.P. Morgan Guide to the Markets style. Not affiliated with J.P. Morgan. Forward P/E (consensus NTM) and CAPE (table and Shiller PE chart below) are loaded live in your browser from History of Market (historyofmarket.com) (forward P/E, CAPE); no History of Market data is stored on this page (if the live CAPE fetch fails, the Shiller PE chart falls back to Shiller's own monthly CAPE, embedded). CAPE methodology: Robert Shiller. Baa yield: Moody's Seasoned Baa Corporate Bond Yield via FRED (BAA). Dividend yield (table and chart below) and earnings yield: trailing 12-month dividends and reported earnings divided by the monthly average S&P 500 price; dividend growth: year-over-year change in trailing 12-month dividends; all from Robert J. Shiller's Irrational Exuberance data (embedded, refreshed periodically). Inflation (CPI-U, CPIAUCSL; U.S. BLS), GDP (GDP, GDPC1; U.S. BEA) and the 10-year Treasury rate (GS10, DGS10; Federal Reserve Board) via FRED, embedded because FRED does not allow browser fetches. 30-year average and ±1 std. dev. computed in your browser from the live forward P/E series. Not investment advice.

Market & economic indicators

Shiller PE Ratio

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Cyclically adjusted P/E (CAPE): price ÷ 10-year average of inflation-adjusted earnings. Monthly; recent points weekly. Dashed line: 30-year average.

Source: History of Market (historyofmarket.com) CAPE, loaded live (same series as the table above); methodology Robert Shiller.

US Inflation Rate

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CPI-U (seasonally adjusted), % change from a year earlier, monthly. Dashed line: 30-year average.

Source: U.S. Bureau of Labor Statistics via FRED (CPIAUCSL)

10 Year Treasury Rate

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10-year constant-maturity yield, monthly average; latest point is the most recent daily value. Dashed line: 30-year average of the monthly series.

Source: Federal Reserve Board (H.15) via FRED (GS10) and DGS10

US GDP Growth Rate

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Nominal GDP (current dollars), % change from a year earlier, quarterly. Dashed line: 30-year average.

Source: U.S. Bureau of Economic Analysis via FRED (GDP)

US Real GDP Growth Rate

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Real GDP (chained dollars, inflation-adjusted), % change from a year earlier, quarterly. Dashed line: 30-year average.

Source: U.S. Bureau of Economic Analysis via FRED (GDPC1)