S&P 500/400/600 Weekly Fundamentals

Stock Market Briefing: S&P 500/400/600

Weekly Fundamentals

Yardeni Research, Inc.

November 10, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

S&P 500/400/600 Annual Earnings

3

S&P 500/400/600 Annual Revenues

4

S&P 500/400/600 Annual Margins

5

S&P 500 Annual & Quarterly Earnings

6

S&P 400 Annual & Quarterly Earnings

7

S&P 600 Annual & Quarterly Earnings

8

S&P 500/400/600 2023 Quarterly Earnings

9

S&P 500/400/600 2023 Quarterly Y/Y Earnings Growth 10

S&P 500/400/600 Indexes & Forward Earnings 11-12

S&P 500/400/600 P/Es

13

S&P 500/400/600 P/Sales

14

S&P 500 Revenues, Earnings, & Margins

15-16

S&P 400 Revenues, Earnings, & Margins

17

S&P 600 Revenues, Earnings, & Margins

18

S&P 500/400/600 Blue Angels

19

S&P 500 Forward Revenues & Earnings

20-21

S&P 500/400/600 Annual Earnings Squiggles

22

S&P 500/400/600 Sectors Forward Earnings

23

S&P 500 Earnings, Revenues, Margins

24-26

November 10, 2023 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Earnings

Figure 1.

300

250

S&P 500 OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale)

200

300

24

23

11/2

250

200

Consensus Forecasts

150

Annual Earnings

150

Forward Earnings*

100

100

2023 2024 Frwd

Oct 26 219.91 246.10 241.57 Nov 2 220.38 245.75 241.85

50

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

235

205 S&P 400

175

145 Consensus Forecasts

Annual Earnings

115

Forward Earnings*

24

235

205

23

11/2 175

145

115

85

85

55

55

2023 2024 Frwd

Oct 26 172.83 194.98 191.15 Nov 2 172.80 193.51 190.32

25

25

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

130

110 S&P 600

90

70

Consensus Forecasts

Annual Earnings

Forward Earnings* 50

130

24

110

23

11/2

90

70

50

30

30

2023 2024 Frwd

Oct 26 86.76 96.30 94.65

Nov 2 86.82 95.29 93.99



10

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

* Time-weighted average of consensus estimates for current and next year. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Source: I/B/E/S data by Refinitiv.

Page 3 / November 10, 2023 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Revenues

Figure 2.

1950

1800

S&P 500 REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale)

1650

24

11/2

23

1950 1800 1650

1500

1500

1350

1350

1200

1200

Consensus Forecasts

1050

Annual Revenues

1050

Forward Revenues*

900

900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2500

2250 S&P 400

2000

1750

24

11/2

23

2500 2250 2000

1750

1500

1500

1250

1250

1000

1000

Consensus Forecasts

750

Annual Revenues Forward Revenues*

750

500

500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

1550

1350 S&P 600

1150

24 11/2

23

1550 1350 1150

950

950

750

750

550

Consensus Forecasts

550

Annual Revenues

Forward Revenues*



350

350

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

* Time-weighted average of consensus revenue estimates for current and next year. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Source: I/B/E/S data by Refinitiv.

Page 4 / November 10, 2023 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Margins

Figure 3.

15

S&P 500 PROFIT MARGIN 14 (using analysts average earnings and sales forecasts, percent)

13

12

15

23 24

14

13 11/2

12

11

11

10

10

9

Consensus Forecasts

9

Annual Margins

8

Forward Margins* (12.7)

8

7

7

6

6

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

10

S&P 400

9

10

23 24 9

11/2

8

8

7

7

6

6

Consensus Forecasts

Annual Margins

5

Forward Margins* (8.2)

5

4

4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

9

S&P 600

8

9

23

8

24

7

7

11/2

6

6

5

5

4

4

Consensus Forecasts

Annual Margins

3

Forward Margins* (6.5)

3

2

2



1

1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

* Time-weighted average of the consensus estimates for current and next year. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Source: I/B/E/S data by Refinitiv and Standard & Poor's.

Page 5 / November 10, 2023 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



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