The S&P 500's forward price-to-earnings (P/E) ratio has surpassed 22 in November 2024, marking the highest valuation since 2021, according to Dow Jones Market Data. This indicates that stocks are considered highly valued relative to expected profits over the next year. Additionally, the ratio of the Nasdaq 100 to the S&P 500 has reached approximately 3.5 times, nearing an all-time high and surpassing levels seen during the 2000 Dot-Com Bubble. The dominance of the top 10 stocks in the S&P 500 has also increased, now accounting for a record 37% of the index, a figure that has doubled over the past decade and exceeds the previous peak of 27% during the Dot-Com era. The forward P/E ratio for these top stocks is around 30 times, significantly higher than the 25 times recorded during the 1990s boom. Furthermore, the market capitalization of the S&P 500 relative to global GDP has hit a record 46%, up from 39% at the peak of the Dot-Com Bubble, indicating that U.S. stocks are more expensive than ever compared to the size of the economy. Overall, this data suggests a concerning trend of overvaluation in the U.S. stock market, raising questions about potential future corrections.