Earnings & The Economy

Check out the accompanying pdf and chart collection. Executive Summary: While the stock market’s technical measures of breadth have been disappointing, two fundamental measures have been staging impressive V-shaped rebounds typical of early bull markets: the breadth of analysts’ consensus expectations for S&P 500 companies’ revenues and operating earnings. … Their message is confirmed by recent strength in S&P 500 forward revenues, earnings, and profit margins. … Joe provides a deeper look into what forward profit margins have been doing in recent weeks on S&P 500 sector and industry levels. … All these developments jibe with our soft-landing economic forecast. … So do the latest economic indicator releases.