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The stock market bubble of the late 1990s was driven by fear of missing out (FOMO) on the tech-led bull market. As a result, the forward P/E of the S&P 500 rose to a record high of 25.0 in early 2000 as the forward P/E of the S&P 500 Information Technology sector soared to a record high of 55.0 (chart).
The current bull market has been increasingly driven by fabulous earnings momentum (FEMO). On Friday, the S&P 500 closed near its June 2 record high of 7609.78. Its forward P/E was 20.4, while the Information Technology sector's was just 23.0.
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