S&P 500 Gets Cheaper: What the Price-to-Earnings Drop Means

FactSet says the S&P 500's forward P/E — how much investors pay per dollar of expected company profits — fell to 19.6 on July 30, 2026, from 21.1 on June 5. That's below the 5-year average of 19.9 but above the 10-year average of 18.9. Two months wiped out the premium over both.