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Price-to-Earnings (P/E) ratio - divides the price of a share of stock by the annual earnings per share of that stock. PEs vary by sector. High growth sectors such as tech typically have higher PEs than more stable sectors.
Generally speaking a relatively high PE indicates an over valued stock.
Some examples from "Price Earnings Ratios" | Jan 2018
Auto                   15
Drugs (Biotech)       128
Drugs (Pharmaceutical) 46
Software (Internet)   205
Total Market           71

The Shiller Cyclically Adjusted price-to-earnings (CAPE), which is based on average inflation-adjusted earnings from the previous 10 years is commonly used as a predictor of market over heating.

A GDP (Gross Domestic Product) adjusted CAPE, CAPE divided by the trailing ten-year growth rate of nominal GDP, is sometimes used. The thinking is that if the economy is growing future earnings will be expected to increase.

GDP adjusted PE ratio.

In Feb 2018 they said that investors were worried job an wage growth was going to cause inflation forcing the fed to raise interest rates. I don't see a correlation between stock performance and interest.

A Market Valuation That Defies Comparison | Value Walk

last updated 19 Feb 2018