S&P 500 Earnings Estimates Analysts are projecting S&P 500 earnings in 2020 will rise nearly 10%-11%, but a downward revision is possible, due to the global slowdown and impact from the trade war. Picture source: Fidelity Investments
S&P 500 Earnings and U.S. Capital Spending This chart shows that U.S. core capital spending is near a 20-year high. Are fears that U.S. companies may be curtailing spending plans overblown? Keep in mind that the absence of dividend cuts also suggests that U.S. companies are confident in their future earnings potential. Picture source: Leuthold Group
S&P 500 Earnings Growth S&P 500 EPS growth could turn negative amid the trade war. Picture source: Morgan Stanley Research
S&P 500 – Earnings Estimate Progression S&P 500 Q2 earnings have been better than expected, but Q3 earnings could turn negative at -3.27% amid the trade war. Picture source: Fidelity Investments
S&P 500 Trailing Price-to-Earnings Ratio vs. Real Fed Funds Rate Great chart showing the S&P 500 12-month trailing P/E ratio vs. the real Fed funds rate (R² = 0.79). Picture source: Stifel
S&P 500 Quarterly Operating Earnings Expectations Despite the earnings squeeze, the Fed’s dovish pivot and low interest rates should continue to support the stock market. Picture source: Bianco Research
S&P 500 Operating Earnings / NIPA Profits and S&P 500 Returns Interesting chart suggesting that S&P500 2-year returns will be negative, as they were in the late 1990s, when S&P 500 operating earnings rose relative to NIPA profits (thanks to buybacks). Picture source: Oxford Economics, Macrobond
S&P 500 Return: Earnings Growth vs. Multiple Expansion Since the beginning of the year, the multiple expansion explains the S&P 500 return. You may also like “U.S. Equities and The World: Earnings Growth vs. Multiple Expansion.” Picture source: Strategas
S&P 500 Index – Earnings & Valuation The S&P 500 valuation is high relative to history and the earnings growth estimate has fallen to +3.7% for 2019. You may also like our “Stock Market Valuation.” Picture source: Fidelity Investments
S&P 500 Operating Earnings per Share The S&P 500 quarterly operating earnings per share are Standard & Poors consensus analyst expectations as of 30 June 2019. Picture Source: J.P. Morgan Asset Management
