The forward earnings* of the S&P 500 peaked at a record high in late June, just before the start of Q2's earnings reporting season. Since then industry analysts have been shaving their 2022 and 2023 earnings estimates. As a result, forward earnings has stalled. Let's drill down to the 11 sectors of the S&P 500 (chart below):
(1) Rising. Forward earnings are still rising for Energy, Real Estate, and Utilities.
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