S&P 500 Price Return vs. 2021 EPS Revisions

S&P 500 Price Return vs. 2021 EPS Revisions This chart highlights the positive correlation between price return and 2021 earnings revisions. Image: Goldman Sachs Global Investment Research

U.S. ISM Manufacturing Index and Cyclicals EPS Revision

U.S. ISM Manufacturing Index and Cyclicals EPS Revision This chart shows the correlation between the ISM Manufacturing Index and cyclicals EPS revision, suggesting that 4Q19 will see a reset, with capital goods pricing in an actual earnings recession. Image: Morgan Stanley Research