Trailing-twelve-months (TTM) Economic Earnings for the S&P 500 have been falling quarter-over-quarter (QoQ) since 1Q22. 2Q23 was no different.
At the sector level, there are mixed signals to be sure. Economic earnings are rising for some sectors, and falling in others, and the magnitude varies by a wide margin. Trailing TTM Economic Earnings in 2Q23 were lower than 1Q23 TTM levels for six of eleven sectors.
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