Goldman Sachs viser i en graf, at indtjeningen i amerikanske virksomheder (S&P 500) har nået et topniveau – langt over det historiske gennemsnit.
Earnings Surprises
So far in Q1, 68% of S&P 500 companies reporting earnings beat estimates by more than one standard deviation, much higher than the 46% historical average.
However, beats have only been rewarded by a median 26bps of outperformance, versus 103bps historically.
The market has been more focused on future guidance as we move towards economic normalization.