S&P 500 Consensus Forecasts Relatively Steady Recently

We now have analysts' consensus estimates for the operating earnings per share of the S&P 500 through the December 15 week. They lowered their forecast for Q4-2022, now showing a gain of only 0.4% y/y. The actual results will be released by the companies during the upcoming earnings reporting season in January and February. The analysts' estimates for the four quarters of next year have held relatively steady in recent weeks with a downward drift in Q1-2023 (chart).

On an annual basis, the 2022, 2023, and 2024 consensus estimates have been relatively stable since the end of the previous earnings season with their current values at $220, $230, and $254. Forward earnings has also be stable around the current value of $230 (chart).