According to Bespoke, the S&P 500's trailing P/E has fallen over 3 points since 4/29, to 12.44. While the financial sector has the lowest P/E (10.62), multiples for the healthcare (11.23) and tech (12.79) sectors are also near 18-year lows. The telecom sector (17.50) stands alone in having a trailing P/E above 15.