Issue link: https://resources.envestnet.com/i/1540867
34 © 2025 Envestnet, Inc. All rights reserved. For use with a client's financial advisor only. 0 1000 2000 3000 4000 5000 6000 7000 0 0.2 0.4 0.6 0.8 1 1.2 S&P 500 Inflection Points Metric 3/24/00 10/9/07 2/19/20 1/3/22 9/30/25 Index Level 1,527 1,565 3,386 4,797 6,688 Fwd. P/E 25.2x 15.1x 19.2x 21.4x 22.8x Div. Yield 1.4% 1.9% 1.9% 1.3% 1.5% 10-Year Treas. 6.2% 4.7% 1.6% 1.6% 4.2% December 31, 1996 Fwd. P/E: 15.9x 741 March 24, 2000 Fwd. P/E: 25.2x 1,527 October 9, 2007 Fwd. P/E: 15.1x 1,565 March 9, 2009 Fwd. P/E: 10.4x 677 October 9, 2002 Fwd. P/E: 14.1x 777 February 19, 2020 Fwd. P/E: 19.2x 3,386 March 23, 2020 Fwd. P/E: 13.3x 2,237 +401% -34% +114% -57% +101% -49% +106% January 3, 2022 Fwd. P/E: 21.4x 4,797 Sources: J.P. Morgan and Bloomberg. Gray bars indicate recessions. -25% October 12, 2022 Fwd. P/E: 15.7x 3,577 +87% September 30, 2025 Fwd. P/E: 22.8x 6,688 20251017-4912642