Brian Gilmartin | Dec 26, 2021 12:01AM ET
The above spreadsheet tracks “up vs down” EPS revisions for the S&P 500 provided by Refinitiv, and as readers can see the last few weeks of December and the first week or two of January show (and will show) fewer revisions until investors start to see Q4 ’21 earnings beginning mid-January ’22.
The trend in positive revisions is still a positive for the market, although readers / investors need to see how the top 5–6 names look in terms of EPS / revenue revisions to gauge the true health of the market.
The above spreadsheet was started in 2010. Q1 ’21 was actually very strong from an S&P 500 EPS / revenue perspective. The first quarter of ’22 will be a tough compare for the market, maybe more so given the fears of the Fed.
S&P 500 key metrics:
Our favorite table:
Readers can see this data from Refinitiv Earnings Scorecard is still tracking nicely higher for Q4 ’21 and then all of 2022.
Summary / conclusion: In terms of S&P 500 earnings data and revisions, the next two weeks will likely look a lot like this week and the action won’t start until January 10th or so.
This site will be out with some sector info the next week, during the quiet times of the holiday. It’s when I get the most research and writing done.
Remember take everything you read online with great skepticism, including this post. S&P 500 earnings can look healthy and move higher and the market can decline based on many factors, i.e. interest rate changes, geopolitics, tax and regulation changes, the normal rhythm of markets, etc.
Hopefully, all readers will have a wonderful holiday season.
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