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S&P 500 Shiller PE (CAPE) data:
- Current value: 40.4-41.7 (as of July 1, 2026)
- Historical median: 16.06
- 20-year average: 27.6
- All-time high: 44.2 (peak of the 2000 dot-com bubble)
Nasdaq 100 PE data:
Trailing PE:
- Current: 36.74 (June 2026)
- Historical median: 24.52
- Historical range: 12.38 - 38.76
- Currently at an extreme high (near all-time high)
Forward PE:
- Current: 22.4-23.2
- 5-year average: 24.7
- 10-year average: 22.9
- Currently near the 10-year average (because the market expects high future earnings growth)
Meanwhile, many people on Xiaohongshu and Bilibili are discussing dollar-cost averaging into the Nasdaq and S&P 500.
I don't know whether U.S. stocks will go up or down, but this phenomenon is already interesting enough.