Market topic · 2026-10-06
Stocks Are Getting Cheaper Even As Indices Rally
The S&P 500 keeps hitting record highs, but its forward P/E has fallen from 20.4x to roughly 19.0x, now below both its five-year and ten-year averages, because earnings estimates have fallen. The hyperscalers (Microsoft, Alphabet, Amazon, and Meta) all grew revenue at a double-digit pace, and most trade near or below t
Market response
See tape and rates board for confirmation; treat headline as a catalyst until price confirms.
Why it matters
Second-order: map to Fed path, oil/inflation, AI hardware, or credit/breadth before sizing risk.
SPY
From the AlphaShot daily brief · 2026-10-06.