S&P 500 Earnings

S&P 500 Consensus Forecasts Relatively Steady Recently

Dec 19, 2022 1 min read paid

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

Ed Yardeni

Industry Analysts Cutting S&P 500 Earnings

Nov 9, 2022 3 min read paid Featured

The following is an excerpt from our November 9, 2022 Morning Briefing. Industry analysts have yet to get the recession memo. They are still estimating that S&P 500 revenues are growing. However, they’ve been reading the memo about the squeeze on profit margins from rising costs. As a result, many of them have been reducing their estimates for the profit margins of the S&P 500

Ed Yardeni

S&P 500 Earnings Estimates Are Falling

Nov 4, 2022 1 min read

Industry analysts who cover the S&P 500 companies are responding to the current earnings reporting season for Q3-2022 by continuing to cut their earnings estimates for Q4-2022 and all four quarters of next year (charts below). They've been doing so through the last week of October when several of the MegaCap-8 reported disappointing earnings. The 344 of the S&P 500 companies that have reported

Ed Yardeni

S&P 500 Fizzles

Oct 14, 2022 1 min read

Thursday's impressive reversal-day rally fizzled today. The big banks reported their Q3 earnings results today. On balance, they were better than expected. However, yesterday's hotter-than-expected CPI weighed on the bond market, even though today's retail sales was relatively weak. Our Blue Angels framework (chart below) shows that S&P 500 forward earnings have been relatively flat since it peaked in late June. The

Ed Yardeni

S&P 500 Analysts Shaving Their Profit Margin Estimates

Sep 8, 2022 1 min read

Previously, we observed that industry analysts covering the S&P 500 (as well as the S&P 400 and S&P 600) shaved their 2022 and 2023 during the Q2 earnings reporting season that started in July and ended in August. That may be it for now until they get another round of guidance from company managements for Q3 starting in October. Analysts remain mostly bullish on

Ed Yardeni

S&P 500 Earnings Stalling

Aug 24, 2022 1 min read paid

The forward earnings* of the S&P 500 peaked at a record high in late June, just before the start of Q2's earnings reporting season. Since then industry analysts have been shaving their 2022 and 2023 earnings estimates. As a result, forward earnings has stalled. Let's drill down to the 11 sectors of the S&P 500 (chart below):

Ed Yardeni

Industry Analysts Shaving S&P 500 Earnings Estimates

Jul 25, 2022 1 min read

The industry analysts who cover the S&P 500 companies are starting to lower their earnings estimates for 2022 and 2023. Consider the following: (1) They haven't cut their estimates by much, so far, but enough to flatten S&P 500 forward earnings after it rose to a record high four weeks ago. (Forward earnings is the time-weighted average of analysts' consensus earnings estimates for

Ed Yardeni

David Bowie and S&P 500 Earnings

Jun 16, 2022 2 min read

Ground control to Major Tom: "Have you heard that the US economy is falling into a recession?" Like David Bowie's astronaut, S&P 500 industry analysts seem to be in outer space. Their earnings estimates are certainly out there still: (1) Our Squiggles analysis (below) shows that through the week of June 9, the S&P 500 consensus revenues estimates for 2022 and 2023

Ed Yardeni

Forward P/Es Falling Faster Than Forward Earnings Are Rising

May 20, 2022 1 min read

The S&P 500/400/600 stock price indexes are down 18.1%, 16.1%, and 16.4% ytd through today's close.

Ed Yardeni

A Short-Lived P/E-Led Bear Market?

May 8, 2022 2 min read

Are we heading toward a P/E-led bear market even though earnings continue to grow?

Ed Yardeni

Do Industry Analysts Anticipate Recessions?

Apr 24, 2022 2 min read

One of our accounts in Luxembourg requested that we determine how well industry analysts’ earnings estimates anticipate recessions. The recent weakness in the S&P 500’s forward P/E has been partly offset by the continued rise of consensus earnings estimates to record highs. Some of these increases probably reflect steady profit margins as companies pass their rising costs through to their selling prices. It’s widely recognized

Ed Yardeni

S&P 500 Performance Since March 8 Bottom

Apr 15, 2022 1 min read paid

Ed Yardeni

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