Earnings – Peak to Trough Decline in LTM S&P 500 EPS During Recessions In the event of a U.S. recession, Goldman Sachs predicts that S&P 500 earnings could fall by 11% in 2023. Image: Goldman Sachs Global Investment Research
S&P 500 EPS Growth vs. ISM Manufacturing With a U.S. recession looming, a soft landing seems difficult to achieve. Image: Deutsche Bank Asset Allocation
S&P 500 EPS Growth vs. Buyback Growth Goldman Sachs expects buybacks to decline by 10% in 2023. Image: Goldman Sachs Global Investment Research
U.S. Economic Growth vs. S&P 500 EPS Growth Economic growth is a driver of earnings growth. Image: Goldman Sachs Global Investment Research
S&P 500 EPS vs. Trend S&P 500 earnings remain well above the trend line. Image: J.P. Morgan
LEI 6-Month ROC vs. S&P 500 EPS Annual % Change The 6-month annual rate of change of the Leading Economic Index is highly correlated with S&P 500 earnings growth. Should U.S. equity investors be worried? Image: Real Investment Advice
Bottom-Up Consensus S&P 500 EPS Estimates Are consensus EPS estimates too optimistic? Image: Goldman Sachs Global Investment Research
Economic Composite Index vs. S&P 500 EPS YoY % Change U.S. economic activity is highly correlated with S&P 500 earnings growth. Should U.S. equity investors be worried? Image: Real Investment Advice
Progression of Bottom-Up Consensus S&P 500 EPS Estimates Consensus earnings estimates are likely too elevated. Image: Goldman Sachs Global Investment Research
S&P 500 EPS and Index Level Forecasts Goldman Sachs cuts its S&P 500 price target to 4,300 by the end of 2022. Image: Goldman Sachs Global Investment Research