We now have analysts' consensus estimates for the operating earnings per share of the S&P 500 through the December 15 week. They lowered their forecast for Q4-2022, now showing a gain of only 0.4% y/y. The actual results will be released by the companies during the upcoming earnings reporting season in January and February. The analysts' estimates for the four quarters of next year have held relatively steady in recent weeks with a downward drift in Q1-2023 (chart).
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