S&P 500 Valuation Matrix (12-Month Forward EPS and P/E Multiple) According to Morgan Stanley, U.S. equity market gains in 2024 may stall due to high forward multiples and ambitious earnings forecasts for the next 12 months. Image: Morgan Stanley Wealth Management
Time Series of S&P 500 Price, Forward EPS and Price to Forward EPS The S&P 500 has returned to its January 2022 level. Image: BofA US Equity & Quant Strategy
S&P 500 Forward EPS S&P 500 forward EPS estimates tend to stabilize. Image: The Daily Shot
S&P 500 Forward EPS vs. Fed Funds Rate When forward EPS growth goes negative, the Federal Reserve typically does not hike rates. Image: Morgan Stanley Research
S&P 500 Forward EPS vs. S&P 500 Is there further downside ahead for the S&P 500, as an earnings recession is not priced into U.S. equities? Image: Morgan Stanley Research
Earnings – S&P 500 Forward EPS Will 12-month forward EPS start to rise in H2 2023? Image: Alpine Macro
S&P 500 Forward EPS vs. U.S. Unemployment Rate Weakness in S&P 500 earnings is a potential indicator of a higher U.S. unemployment rate. Image: Morgan Stanley Research
FMS Investors – Net % Say Corporate Earnings Will Improve vs. S&P 500 Consensus Forward EPS Will analysts continue to lower S&P 500 earnings estimates? Image: BofA Global Fund Manager Survey
Philly Fed Future Nominal Orders vs. S&P 500 12-Months Forward EPS (Leading Indicator) A severe contraction in earnings growth should hurt U.S. stocks in 2023. Image: Nordea and Macrobond
Daily % Change in S&P 500 Forward EPS Has the S&P 500 more room to fall as inflation hits earnings? Image: Morgan Stanley Research