S&P 500 Forward EPS vs. S&P 500

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

S&P 500 Forward EPS vs. Fed Funds Rate

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 Median Forward EPS Drawdowns

S&P 500 Median Forward EPS Drawdowns The risk to U.S. equities remains earnings, as an earnings recession is not priced in. Image: Morgan Stanley Research