The S&P 500's valuation metrics have reached levels not seen since 2000, with the price-to-peak earnings ratio rising to 26, over 50% above the historical median. The trailing 12-month price-to-earnings (P/E) ratio stands at 27.7, surpassing the 5-year average of 25.0 and the 10-year average of 22.6. The forward 12-month P/E ratio is 22.1, also above the 5-year average of 19.9 and the 10-year average of 18.4. Earnings growth for the second quarter has exceeded expectations, with year-over-year revenue growth reported at 6.3%, above the June 30 estimate of 4.2%. Earnings per share (EPS) for the quarter is on track to grow 11% year-over-year, marking the third consecutive quarter of double-digit EPS growth. Approximately 73% of companies have beaten EPS estimates, compared to a historical average of 59%. Capital expenditures among S&P 500 companies have increased by 25% year-over-year for the roughly 450 companies reporting, with Big Tech firms alone spending $89 billion in capex during the quarter, approaching a quarterly run rate of $100 billion. The median stock P/E ratio within the S&P 500 is now 20.0x. Overall, S&P 500 companies are beating estimates by about 8%, above the 10-year average of 6.9%.