Valuations on major equity benchmarks have jumped to levels last seen during the tail end of the pandemic rally, intensifying comparisons with the 2000 dot-com bubble. Data compiled on Tuesday show the S&P 500 trading at about 22 times expected earnings, the highest multiple in five years and only marginally below readings observed in 2020 and 2000. The run-up has been driven by a handful of megacap companies. The 10 largest constituents of the S&P 500 have expanded net income roughly 180% since 2019, according to market data, while the other 490 members managed about 45% growth. The divergence, which accelerated in 2023, has concentrated index performance and left smaller constituents lagging on both earnings and share-price gains. Rich valuations are not confined to the United States. The forward price-earnings ratio for information-technology stocks in the MSCI World index has reached 27, placing it in the most expensive decile of the past two decades. Broader global growth stocks are priced at about 26 times projected earnings, similarly elevated by historical standards.