| Only energy holding numbers up |
| 1-month revision to I/B/E/S consensus earnings. MSCI World sectors, other global equity index aggregates. |
 IBES |
| “World” estimates heading lower |
| 2022 consensus earnings expectations over the past 12 months. |
 IBES |
| Heading for a fall |
| Consensus earnings estimates have stopped rising, but have not yet started to decline. |
 FactSet |
| Consensus expects S&P 500 profit margins to expand in 2023 |
| Goldman calling bull on those 23 margin estimates. Bull shit that is. GS: “Analyst estimates show S&P 500 profit margins climbing to new highs in 2023. Despite tightening financial conditions, persistent input cost pressures, and slowing revenue growth, analysts continue to forecast a rise in profit margins next year. Excluding Financials and Utilities, analyst estimates show aggregate S&P 500 net profit margins expanding by 30 bp in 2023. The median stock is projected to grow net margins by 60 bp to 14.5%” |
 Goldman |
| Guess what? Margins contract in recessions |
| S&P 500 profit margin contractions in historical recessions. |
 Compustat |
