S&P 500 Operating Earnings and NIPA Corporate Profits Goldman Sachs expects S&P 500 margins to rise slightly in 2020. Image: Goldman Sachs Global Investment Research

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. Image: 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). Image: Oxford Economics, Macrobond

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

Earnings, Margins and Valuation Considering earnings growth, operating margin and valuation, the S&P 500 should remain under pressure until Q3 earnings season. Image: Fidelity Investments