S&P 500 EPS Growth Estimates

S&P 500 EPS Growth Estimates S&P 500 earnings growth is expected to accelerate in the second half of 2022. Image: Goldman Sachs Global Investment Research

S&P 500 Total Return Decomposition

S&P 500 Total Return Decomposition Goldman Sachs expects S&P 500 returns to be moderate in 2022 and beyond, driven primarily by earnings growth. Image: Goldman Sachs Global Investment Research

Components of S&P 500 Total Return

Components of S&P 500 Total Return This year, S&P 500 returns are expected to be more earnings-driven than valuation-driven. Image: Goldman Sachs Global Investment Research

Inflation – S&P 500 LTM Sales Growth vs. Core CPI Since 1970

Inflation – S&P 500 LTM Sales Growth vs. Core CPI Since 1970 Rising inflation tends to boost S&P 500 earnings. According to Goldman Sachs, a 100bp increase in average annual core CPI would lift the S&P 500 EPS to $170 in 2021. Image: Goldman Sachs Global Investment Research

S&P 500 Trailing 4-Quarter EPS

S&P 500 Trailing 4-Quarter EPS Goldman Sachs expects S&P 500 earnings to contract by 21% in 2020, before rebounding by 30% next year and 11% in 2022. Image: Goldman Sachs Global Investment Research