S&P 500 Valuations Stumble On Tariff Uncertainty

  • In the days after President Donald Trump announced a wave of new tariffs against nearly all US trading partners, the value of the S&P 500 plunged to the lowest level since November 2023. While the S&P 500's forward P/E ratio has climbed at least back to levels from early March, it remains unclear if that valuation, still well above pre-pandemic levels, is warranted.