As of June 2026, the Shiller CAPE ratio, which measures current stock prices relative to inflation-adjusted earnings over the past 10 years, stood at 40.96. This level has been touched only one other time in market history: from late 1999 to early 2000. That was right before the tech bubble burst, which resulted in the S&P 500 (SNPINDEX: ^GSPC) falling by half and the Nasdaq-100 dropping by 80%.