U.S. stock market valuations are approaching levels last seen during the dot-com bubble, with the top 10 largest stocks in the S&P 500 exhibiting a price-to-earnings (P/E) ratio of 31x. This figure is only surpassed by the valuations recorded in 2021 prior to the onset of the bear market and the peak of the dot-com era in 2000. The S&P 500, excluding these top 10 stocks, is currently valued higher than it was in 2000. Additionally, the forward 12-month P/E ratio for the S&P 500 stands at 21.7, exceeding both the 5-year average of 19.6 and the 10-year average of 18.1. The trailing 12-month P/E ratio is reported at 27.2, also above its respective 5-year and 10-year averages of 23.9 and 21.8. The P/E ratio for the top 10 stocks is currently 30.7, while the remaining stocks in the index have a P/E ratio of 18.4. Historically, the average P/E ratio for the S&P 500 since 1996 is 16.6.