S&P 500 Earnings Yield – UST 3-Month Yield Historically, when the cash yield exceeds the earnings yield, this is often seen as a headwind for equities, as investors tend to prefer allocating their funds to cash investments rather than stocks. Image: BofA Global Investment Strategy
S&P 500 Earnings and Gross Buybacks Share buybacks will play a significant role in 2024, as they are set to accelerate once again amidst the ongoing improvement in corporate earnings. Image: Deutsche Bank Asset Allocation
S&P 500 Earnings Revisions Breadth Earnings revisions breadth for both large and small caps has returned to negative territory, which means that the overall sentiment and expectations for future earnings have worsened. Image: Morgan Stanley Research
S&P 500 Earnings Revisions Breadth vs. S&P 500 YoY The decline in earnings revisions breadth and its deviation from the S&P 500 performance suggests a disparity between analyst expectations for corporate earnings and the actual trajectory of the S&P 500. Image: Morgan Stanley Research
S&P 500 Earnings Revision Sentiment and Returns There is generally a good correlation between S&P 500 earnings revision sentiment and returns. Image: Goldman Sachs Global Investment Research
S&P 500 Earnings Yield Gap vs. Real 10-Year U.S. Real Treasury Yield U.S. equities look expensive relative to rates. Image: Goldman Sachs Global Investment Research
S&P 500 Earnings Yield vs. U.S. 6-Month Money vs. U.S. IG Yield Goodbye TINA. There are finally attractive alternatives to the U.S. stock market. Image: Deutsche Bank
S&P 500 Earnings Surprise % Recent earnings surprises are slightly positive. Image: Morgan Stanley Research
S&P 500 Earnings vs. Fed Funds Historically, Fed rate hikes tend to impact S&P 500 earnings, which is not good news for U.S. stocks. Image: Real Investment Advice
S&P 500 Earnings Revisions vs. U.S. Dollar Index (DXY) A strong U.S. dollar is not good for earnings revisions. Image: Morgan Stanley Research
S&P 500 Earnings Revisions Breadth and S&P 500 NTM EPS How will earnings growth drive the U.S. stock market? Image: Morgan Stanley Research