Stock Market

The stock market is driven by two key variables: the earnings estimates of industry analysts and the valuation multiple that investors are will to pay for those expectations. These QuickTakes monitor the latest developments relevant to stock investors.

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Inflation Is Deflating Valuation Multiples

Apr 30, 2022 1 min read

More air came out of valuation multiples this past week. Here are the forward P/Es of the major indexes at the start of this year and on Friday:

Ed Yardeni

What’s Driving S&P 500’s Forward P/E?

Apr 27, 2022 2 min read paid

Ed Yardeni

The Ups & Downs of the S&P 500

Apr 26, 2022 2 min read

While industry analysts are still raising their earnings estimates for this year and next year, investors continue to take the air out of valuation multiples.

Ed Yardeni

US Tech Production Booming

Apr 19, 2022 1 min read

The S&P 500 Information Technology sector and the Communication Services sector are down 13.9% and 14.7% ytd, underperforming the S&P 500, which is down 6.4%. That's mostly because rising interest rates have depressed their valuation multiples and raised fears of a recession. Meanwhile, industry analysts continue to raise their estimates for revenues and earnings for both. Another concern is now that

Ed Yardeni
Stephen Rybka

Tug of War Between the Bulls and Bears

Apr 14, 2022 2 min read

Why has the stock market held up reasonably well in the face of a more hawkish Fed, more vigilant Bond Vigilantes, a 1970s-style wage-price spiral, depressed consumer and small business confidence, and the war on the eastern front? Consider the following: (1) While the S&P 500's forward P/E is weighed down by both rising inflation and tightening credit conditions, we estimate that there is still

Ed Yardeni

April brings good news

Apr 6, 2022 1 min read paid

Ed Yardeni