Category: Public

S&P 500 Q3 earnings increased for the first time since last year, with average EPS up 4% year over year. If energy is excluded, the result is more impressive at +10% growth.

S&P 500 EPS forecasts for the full year are $225, (largely the same as 2022), and in 2024 EPS growth is forecast to increase 5% to $237.

At 4500 points the S&P500 is trading at 20x forward EPS.

US ISM manufacturing index logged its twelfth straight month in contractionary territory for October, suggesting slowing economic activity. However, labour market conditions remain tight.

5-year graph of oil.

5-year graph of gold.

The S&P500 was down 4.87% in September, bringing its YTD return to 11.68%. The Dow continued to significantly trail the S&P 500 YTD, up 1.09%.