都📉出价值了 U.S. stocks became cheaper this year as prices climbed to records, and even more so when the rally faltered during the past month. The S&P 500’s 12-month forward price-earnings ratio stood at 21.2 when the S&P 500 peaked on Sept. 2, down from 22.6 when the year started, according to data compiled by Bloomberg. Since then, the S&P 500 has lost as much as 5.2% and the forward P/E has reached 20, a 17-month low.