Downward revision to S&P 500 next 12 month EPS estimates continues
Simple look at blended 12m estimate for S&P 500 earnings per share … +7.5% from start of 2022 into peak (June 2022); -4.5% since peak. Source: Bloomberg, Liz Ann Sonders
Bears beware! US share buybacks are coming back with a vengeance...
Starting by January 27, buybacks will be back into the market, higher than before. Source: Alessio Urban, Goldman Sachs
Dozens Of NYSE Trading Halts At The Open After "Technical Glitch"
The NYSE says it is continuing to investigate the “technical issue” that caused wild stock swings at the market open Tuesday as dozens of large-cap stocks suddenly plunged or spiked during the broken opening auction. According to the New Jersey-based New York Stock Exchange, "impacted members may consider filing for Clearly Erroneous or Rule 18 claims" adding that "In a subset of symbols, opening auctions did not occur. The exchange is working to clarify the list of symbols." Source: www.zerohedge.com
How's the most bullish part of the cycle treating you so far?
The 3rd year of the 4-year presidential cycle is historically the most bullish for US stocks. Here's how the S&P 500 ha sbeen trading so far during this 4-year cycle. Source: J-C Parets
A good news for S&P 500 margins? CPI is now above PPI
Finally, PPI is below CPI - this is welcome news for the S&P 500 margin outlook. Source: Bloomberg, Gina Martins Adams
Chart from GS showing the equity market cap as a share of GDP for different nations
At the end of 2022, the US' equity market cap was 164% as a share of their GDP. Source: Goldman Sachs
Global investors are dumping US equities
Source: BofA Fund Manager Survey
Earnings vs. price
Source: Goldman Sachs
