The S&P 500 is experiencing elevated valuation metrics, with the forward 12-month price-to-earnings (P/E) ratio currently at 20.6, which is above both the 5-year average of 19.4 and the 10-year average of 18.0. According to FactSet, the forward 12-month P/E ratio for the S&P 500 is also reported at 20.9. Similarly, the trailing 12-month P/E ratio is at 26.1, surpassing the 5-year average of 23.7 and the 10-year average of 21.7. These elevated ratios indicate that the market is pricing in future growth. The tech sector within the S&P 500 has seen a reduction in its forward P/E ratio as prices have come under pressure, while forward earnings per share continue to reach new all-time highs.