S&P 500 Forward P/E Falls to 19.6, Below 5-Year Average

FactSet pegged the S&P 500's forward P/E — price paid per dollar of expected earnings — at 19.6 on July 30, 2026, down from 21.1 on June 5. That's below the 5-year average of 19.9 but above the 10-year's 18.9. Two months erased the premium over both benchmarks.