The S&P 500 Index (SPX) is currently 4.6% below its all-time high set in July. The forward 12-month P/E ratio for SPX stands at 20.6, which is above both the 5-year average of 19.4 and the 10-year average of 18.0. The trailing 12-month P/E ratio is 25.7, also higher than the 5-year average of 23.7 and the 10-year average of 21.7. The SPX is trading at 20.2 times forward earnings with an equity risk premium of 3.28% and an earnings yield of 4.96%. The 10-year TIPS yield is at 1.682%. For Q3 2024, SPX is expected to report year-over-year earnings growth of 4.9%, down from the June 30 estimate of 7.7%. Revenue growth for the same period is anticipated to be 4.8%, slightly below the previous estimate of 4.9%. The average top 10 SPX stock by market cap is approximately 15% below its 52-week high.