S&P 500 Earnings Firming Up but Index Fails to Close Above July ’23 High

 | Dec 11, 2023 01:37AM ET

There’s nothing wrong with the trends in S&P 500 earnings data, at least what’s tracked weekly at Refinitiv since the numbers continue to firm.

Unfortunately, the S&P 500 couldn’t close above its July 23 ’23 high of 4,607.07, closing this week at 4,604.37.

  • The forward 4-quarter estimate fell $0.15 this week to $236.26 from $236.41;
  • The PE ratio ended the week at 19.5x;
  • The S&P 500 ended the week at 5.13%, still at the lower end of the preferred range, meaning the S&P 500 still looks rich or fully valued;
  • This coming week we get quarterly earnings from Oracle (NYSE:ORCL) Monday night, December 11th, Adobe (NASDAQ:ADBE) reports Wednesday, December 13th after the close, and then Costco (NASDAQ:COST) and Lennar (NYSE:LEN), on Thursday, December 14th, after the close.
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