The S&P 500 faces challenges as tariff uncertainties weigh heavily on market valuations. Following significant tariff announcements, the S&P’s value plummeted to its lowest since November 2023. Despite a slight recovery in the forward P/E ratio, doubts linger about the sustainability of such valuations, especially when they exceed pre-pandemic levels. Investors must navigate these uncertainties carefully. Keeping an eye on tariff developments will be crucial for assessing market health in the near term.