Key Points The S&P 500's forward price-to-earnings multiple is at its highest level in decades. The Federal Reserve found that Donald Trump's tariffs may lead to higher prices in the long run. Although inflation is cooling, U.S. unemployment is at its highest level in four years. 10 stocks we like better than S&P 500 Index › As of the closing bell on Dec. 23, the S&P 500 (SNPINDEX: ^GSPC) had gained 17% in 2025 -- putting the index on pace for a third straight year of double-digit percentage gai ...