According to the Wikipedia entry for the Fed model for evaluating equities:
In its strongest form the Fed model states that bond and stock market are in equilibrium, and fairly valued, when the one-year forward-looking earnings yield equals the 10-year Treasury note yield
The 10 yr is currently trading at 0.67%, which translates to a P/E of ~150. In 2019 the S&P 500 earned $157 per share. Let’s guess (conservatively) that earnings fall to $50 per share in 2020. The S&P should trade at 7500 to reach parity with the Fed model for evaluating equities.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.