The S&P 500 Is Nearing Record Highs, but This 1 Unstoppable ETF Could Be the Smarter Buy Right Now

The S&P 500 is trading near record levels as it closed at 7,537 on July 6, about 1% below its recent record close of 7,610 on June 2, 2026. The index is valued at a forward 12-month P/E of 21.3, above its 5-year average of 19.9 and 10-year average of 19. While one analysis argues investors need not avoid equities, it points to the Invesco Nasdaq 100 ETF (QQQM) as a more direct way to gain exposure to the artificial intelligence and technology supply chain. QQQM tracks the Nasdaq-100’s 100 largest non-financial Nasdaq-listed companies and trades at a forward P/E of 25.1 (as of June 30). Its top holdings include Nvidia, Apple, Micron Technology, Microsoft, and Amazon, with the top 10 comprising about 47.4% of assets, and it charges a 0.15% management fee. The article also cites FactSet expectations for S&P 500 earnings to rise 23.3% year over year in Q2 and 24.1% for full-year 2026, while warning that QQQM is more concentrated and volatile and can be hurt if investors rotate away from growth stocks.