Market views from BlackRock Fundamental Equities

Source: BlackRock Fundamental Equities, with data from FactSet and S&P 500, as of Aug. 31, 2021. Chart shows the breakdown of the S&P 500’s annual return into dividends, earnings growth and multiple expansion. Earnings growth is based on the 12-month change in 12-month forward earnings estimates. 2021 data is year-to-date through Aug. 31. ................
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