More Air Coming Out Of Valuation Multiples

(1) MEGACAP-8 - Their collective forward P/E was down to 25.4 on Friday. During 2020-21, it mostly ranged between 30.0-38.0. It is now below its pre-pandemic peak of 29.0. Its pandemic-lockdown-recession low was 21.5.

(2) S&P 500 GROWTH - The MegaCap-8 currently accounts for about 45% of the market cap of the S&P 500 Growth composite (down from a recent record high of 50%) and 22% of the S&P 500’s market cap (down from a recent record high of 25%). Growth’s forward P/E is down to 20.8.