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

S&P 500 Total Return Attribution

S&P 500 Total Return Attribution Multiple expansion explains the S&P 500’s total return YTD, despite negative earnings growth. Image: The Daily Shot

S&P 500 Index Total Return Drivers

S&P 500 Index Total Return Drivers Historically, earnings growth drives equity returns over time. Image: Morgan Stanley Research

Global PMIs

Global PMIs Global PMIs and earnings growth across regions could suggest a strong risk-on year. Image: Fidelity Investments

S&P 500 EPS Forecast

S&P 500 EPS Forecast Despite the earnings squeeze, Goldman Sachs is still positive on the S&P 500 earnings outlook. In 2020, U.S. and global growth should rebound modestly. Image: Goldman Sachs Global Investment Research