S&P 500 Earnings: 1 Week Left in Quarter, Q1 '24 Earnings Appear in Good Shape
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The forward-quarter S&P 500 EPS estimate for Q1 '24 was $242.89, down from last week's $243.31 and January 1's $243.98. The erosion on the forward estimate over the last 90 days has been less than 1%. The PE ratio for the S&P 500 this week was 21.5x, compared to 21x last week and early January '24. The S&P 500 earnings yield fell almost every week in Q1 '24. The Q4 '23 bottom-up S&P 500 EPS estimate has risen from $54.69 in early January '24 to $57.11. The Q1 '24 bottom-up S&P 500 EPS estimate is expected to start around $54.90 - $55 per share. Consumer discretionary, real estate, technology, and communication services sectors have seen positive revisions in their growth rates for Q1 '24. Q1 '24 revenue expectations range from +6.9% for real estate to -4.9% for basic materials. Technology, consumer discretionary, and communication services comprise 50% of the S&P 500 by market cap. Q1 '24 earnings results for the S&P 500 are expected to be solid. The US economy is in reasonably good shape, and S&P 500 earnings are expected to remain in the 5% - 10% growth range. Q4 '23 earnings grew 10.1% instead of the expected 4%. There are no warning flags for Q1 '24 earnings yet.

#S&p500 #Q12024 #Earnings #Estimates #RevenueGrowth #Sectors

https://www.investing.com/analysis/sp-500-earnings-1-week-left-in-quarter-q1-24-earnings-appear-in-good-shape-200647065