The reality of persistently higher long-term interest rates continues to weigh on the stock market. The major averages slunk further from their recent highs this past week, led by the so-called Magnificent Seven.
Putting numbers to those impressions, Peta says investors came into the year expecting earnings for S&P 500 companies at about $190-$195 per share. Instead, actual results are beating those forecasts by about 11%, with consensus full-year estimates for 2023 being marked up to about $219. Read More Up and Down Wall Street Peta sees those forecasts falling short. Just as it was difficult to disappoint the downbeat expectations of the first half of this year, it will be hard to surprise on the upside for 2024. His top-down forecast “conservatively” calls for a drop of about 5% next year to about $210 in S&P 500 per share earnings.
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