Facebook, Amazon, Apple, Microsoft and Google and S&P 500 EPS Growth FAAMG supported S&P 500 EPS growth. Image: Goldman Sachs Global Investment Research

S&P 500 EPS Growth vs. Price Performance Chart showing the poor relationship between earnings growth and market performance, even in the long term. Image: BMO Capital Markets Investment Strategy Group

S&P 500 EPS Growth: 12-Month Leading Indicator The earnings growth leading indicator suggests a mild recovery of growth in 2020. Image: KKR Global Macro

Median S&P 500 EPS Growth The median S&P 500 stock is expected to grow earnings per share by 8% this year. Image: Goldman Sachs Global Investment Research

U.S. Corporate Profits vs. S&P 500 EPS The current divergence between large-cap profits and the rest of the economy is the widest on record. It is possible to close the gap “down” (recession) or “up” (reflation). Image: BofA Global Research

S&P 500 EPS Forecast Despite the earnings squeeze, Goldman Sachs is still positive on the S&P 500 earnings outlook. In 2020, U.S. and global growth should rebound modestly. Image: Goldman Sachs Global Investment Research

S&P 500 EPS and South Korea Exports Chart showing the quite good correlation between S&P 500 EPS and South Korea exports, and suggesting this does not bode well for S&P 500 EPS. Image: Nordea and Macrobond

S&P 500 EPS vs. U.S. Nonfinancial Corporate Profits Creative accounting is imaginative ways to present accounts. The divergences between earnings and U.S. nonfinancial corporate profits occur before recessions. Image: Gavekal, Macrobond

South Korean Exports vs. S&P 500 EPS Estimates The correlation between South Korean exports and S&P 500 EPS estimates suggests a weakness in S&P 500 earnings estimates. Image: Lohman Econometrics

World Semiconductor Sales and S&P 500 EPS Tight relationship between world semiconductor sales and S&P 500 earnings per share. You may also like “Semiconductor Sales vs. Global Earnings per Share.” Image: Oxford Economics