For Société Générale’s Albert Edwards, a key reading into the outlook for the S&P 500 is that Wall Street analysts are becoming less optimistic about earnings.
Already a subscriber?Société Générale strategist Albert Edwards, who retains a bearish view on equities, said it’s clear to him that the S&P 500’s rally is nearing an end and that’s because the outlook for earnings has turned.
Mr Edwards refers to a Datastream chart that puts the moving six-month average of S&P 500 EPS upgrades as a percentage of all upgrades below 46 per cent, from slightly more than 50 per cent in the June quarter of 2023. A contrarian review by John Butters, earnings analyst at FactSet, found that analysts have started the year more optimistic than normal.
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