According to Wall Street institutions and Bloomberg data, following the U.S. midterm elections, the S&P 500 technology sector's estimated price-to-earnings ratio fell to 17 times, marking the first time it undercut the broader market's 18 times since 2017. This represents a sharp decline from October 2025's peak of 32 times, signaling that substantial losses are now reflected in valuations. Major institutions view this as a correction within a bull market, not a market peak.

Morgan Stanley chief U.S. equity strategist Mike Wilson stated that "the next two to three weeks represent a buying opportunity," maintaining his year-end S&P 500 target of 8,000 points. Yardeni Research chief investment strategist Ed Yardeni similarly views the decline as an adjustment rather than a bubble burst, holding a year-end forecast of 7,900 points, while Seaport Global Holdings chief equity strategist Jonathan Golub maintains a more optimistic 8,200-point target.

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