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Explained, the US earnings season

In 2021, earnings have accounted for the lion’s share of S&P 500's total return

November 18, 2021 / 06:13 PM IST
Explained, the US earnings season

Wall Street, New York City (File image: Reuters)

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Stock prices in the US have either hit all-time highs or are hovering near record levels, showing resilience in the face of a growing list of concerns, including Fed tapering, supply-chain disruptions, labour shortages and the persistent inflationary pressures. Last year (2020), S&P 500 returns were mainly driven by the expansion in valuation multiples. But in the current year (2021), earnings have accounted for the lion’s share of S&P 500 total return as seen in the chart below, which shows...

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