S&P 500 and NDX both hit new all time highs today. Despite the records, neither index looks expensive relative to 10yrTYs, with S&P500 at a 2026 P/E of 21.9x (4.6% earnings yield) and NDX at a 2026 P/E of 25.3x (4.0% earnings yield) with both spreads vs 10yr TYs (4.3%) in line within historical ranges.
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