S&P 500/400/600 Weekly Fundamentals

1 Stock Market Briefing:S&P 500/400/600 Weekly FundamentalsYardeni Research, 28, 2020Dr. Edward visit our sites outside the boxTable Of ContentsTable Of ContentsTable Of ContentsOctober 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 500/400/600 Annual Earnings3S&P 500/400/600 Annual Revenues4S&P 500/400/600 Annual Margins5S&P 500 Annual & Quarterly Earnings6S&P 400 Annual & Quarterly Earnings7S&P 600 Annual & Quarterly Earnings8S&P 500/400/600 2020 Quarterly Earnings9S&P 500/400/600 2020 Quarterly Y/Y Earnings Growth 10S&P 500/400/600 Indexes & Forward Earnings11S&P 500/400/600 Forward Revenues & Margins12S&P 500/400/600 P/Es13S&P 500/400/600 P/Sales14S&P 500 Revenues, Earnings, & Margins15-16S&P 400 Revenues, Earnings, & Margins17S&P 600 Revenues, Earnings, & Margins18S&P 500/400/600 Blue Angels19S&P 500 Forward Revenues & Earnings20-21S&P 500/400/600 Annual Earnings Squiggles22S&P 500/400/600 Sectors Forward Earnings23 Figure 2020 2021 2022 Frwd Oct 15 Oct 22 20212210/22S&P 500 OPERATING EARNINGS PER SHARE(consensus analysts estimates in dollars, Weekly , ratio scale)

2 Consensus ForecastsAnnual EarningsForward Earnings*2003200420052006200720082009201 0201120122013201420152016201720182019202 020212022255075100125150255075100125150 2020 2021 2022 Frwd Oct 15 Oct 22 20212210/22S&P 400 Consensus ForecastsAnnual EarningsForward Earnings*2003200420052006200720082009201 0201120122013201420152016201720182019202 020212022102540557085102540557085 2020 2021 2022 Frwd Oct 15 Oct 22 20212210/22S&P 600 Consensus ForecastsAnnual EarningsForward Earnings** Time-weighted average of consensus estimates for current and next : I/B/E/S data by 500/400/600 Annual EarningsPage 3 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 500 REVENUES PER SHARE(consensus analysts estimates in dollars, Weekly , ratio scale)Consensus ForecastsAnnual RevenuesForward Revenues*2006200720082009201020112012201 3201420152016201720182019202020212022600 8001000120014001600180020006008001000120 0140016001800200020212210/22S&P 400 Consensus ForecastsAnnual RevenuesForward Revenues*2006200720082009201020112012201 3201420152016201720182019202020212022350 4756007258509751100122535047560072585097 51100122520212210/22S&P 600 Consensus ForecastsAnnual RevenuesForward Revenues** Time-weighted average of consensus revenue estimates for current and next.

3 I/B/E/S data by 500/400/600 Annual RevenuesPage 4 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 500 PROFIT MARGIN(using analysts average earnings and sales forecasts, percent)Consensus ForecastsForward Margins* ( )Annual Margins200620072008200920102011201220132 0142015201620172018201920202021202245678 945678920212210/22S&P 400 Consensus ForecastsForward Margins* ( )Annual Margins200620072008200920102011201220132 0142015201620172018201920202021202223456 723456720212210 600 Consensus ForecastsForward Margins* ( )Annual Margins* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv and Standard & Poor 500/400/600 Annual MarginsPage 5 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 2020 2021 2022 Frwd Oct 15 Oct 22 202122S&P 500 OPERATING EARNINGS PER SHARE(analysts consensus estimates, dollars, Weekly , ratio scale)10/22 Consensus ForecastsAnnualForward** Time-weighted average of consensus estimates for current year and next : Lehman collapsed 9/15/2008.

4 COVID-19 = WHO declares global pandemic on 3/11 : I/B/E/S data by Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 500 OPERATING EARNINGS PER SHARE:QUARTERLY CONSENSUS FORECASTS 2020(analysts consensus estimates, dollars, Weekly )Q2Q3Q42020 By Quarter as of 10/22/20 Note: COVID-19 = WHO declares global pandemic on 3/11 : I/B/E/S data by 500 Annual & Quarterly EarningsPage 6 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 2020 2021 2022 Frwd Oct 15 Oct 22 20212210/22S&P 400 MIDCAP OPERATING EARNINGS PER SHARE*(consensus analysts estimates in dollars, Weekly )Consensus ForecastsAnnual52-Week Forward** Time-weighted average of the current year s and next year s consensus earnings : I/B/E/S data by Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1Q2Q3Q42020 By Quarter as of 10/22/20 Source: I/B/E/S data by 400 MIDCAP EARNINGS PER SHARE.

5 CONSENSUS QUARTERLY ESTIMATES 2020(consensus analysts estimates in dollars, Weekly )Figure 400 Annual & Quarterly EarningsPage 7 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 2020 2021 2022 Frwd Oct 15 Oct 22 20212210/22S&P 600 SMALLCAP OPERATING EARNINGS PER SHARE(consensus analysts estimates in dollars, Weekly )Consensus ForecastsAnnual52-Week Forward** Time-weighted average of consensus operating earnings estimates for current and next : I/B/E/S data by Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1Q2Q3Q42020 By Quarter as of 10/22/20 Source: I/B/E/S data by 600 SMALLCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2020(consensus analysts estimates in dollars, Weekly )Figure 600 Annual & Quarterly EarningsPage 8 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 500 EARNINGS PER SHARE.

6 CONSENSUS QUARTERLY ESTIMATES 2020(consensus analysts estimates in dollars, Weekly )Q3Q42020 By Quarter as of 10/22/20 IIIIIIIVIIIIIIIVIII201920202021510152025 3035404551015202530354045 COVID-19 Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 400Q2Q3Q42020 By Quarter as of 10/22/20 IIIIIIIVIIIIIIIVIII201920202021-50510152 025-50510152025 COVID-19 Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 600Q2Q3Q42020 By Quarter as of 10/22/20 Source: I/B/E/S data by 500/400/600 2020 Quarterly EarningsPage 9 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 500 CONSENSUS QUARTERLY Y/Y EPS GROWTH 2020(consensus analysts estimates in percent, Weekly )Q2Q3Q42020 By Quarter as of 10/22/20 IIIIIIIVIIIIIIIVIII201920202021-80-60-40 -2002040-80-60-40-2002040 COVID-19 Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 400Q2Q3Q42020 By Quarter as of 10/22/20 IIIIIIIVIIIIIIIVIII201920202021-120-100- 80-60-40-2002040-120-100-80-60-40-200204 0 COVID-19 Q1 Q2 Q3 Q4 Oct 15 Oct 22 Q1S&P 600Q2Q3Q42020 By Quarter as of 10/22/20 Source.

7 I/B/E/S data by 500/400/600 2020 Quarterly Y/Y Earnings GrowthPage 10 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022150650115016502150265031503650415015 0650115016502150265031503650415010/27S&P 500/400/600 STOCK PRICE INDEXES(daily, ratio scale)S&P Stock Price IndexesS&P 500 ( )S&P 400 ( )S&P 600 ( )Source: Standard & Poor 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022104070100130160190104070100130160190 10/22S&P 500/400/600 FORWARD EARNINGS(dollars per share, ratio scale)Forward Earnings*S&P 500 LargeCap ( )S&P 400 MidCap ( )S&P 600 SmallCap ( )* Time-weighted average of consensus estimates for current year and next : I/B/E/S data by 500/400/600 Indexes & Forward EarningsPage 11 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 500/400/600 FORWARD REVENUES(dollars per share, ratio scale)Forward Revenues*S&P 500 LargeCap (1427)S&P 400 MidCap (1483)S&P 600 SmallCap (1040)* Time-weighted average of consensus estimates for current year and next.

8 I/B/E/S data by FORWARD PROFIT MARGINS*(using analysts average earnings and sales forecasts, percent)Forward Profit Margins*S&P 500 ( )S&P 400 ( )S&P 600 ( )* Time-weighted average of the consensus estimates for current and next year using forward earnings divided by forward : I/B/E/S data by Refinitiv and Standard & Poor 500/400/600 Forward Revenues & MarginsPage 12 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022810121416182022242628810121416182022 24262810/23 FORWARD P/E RATIOS FOR S&P INDEXES*( Weekly )S&P 500 LargeCap ( )S&P 400 MidCap ( )S&P 600 SmallCap ( )* Price divided by 52-week forward consensus expected operating earnings per.

9 I/B/E/S data by 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022810121416182022242628810121416182022 24262810/28 FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES*(daily)S&P Forward P/EsS&P 500 ( )S&P 400 ( )S&P 600 ( )* Daily stock price index divided by 52-week forward consensus expected operating earnings per : Standard & Poor s and I/B/E/S data by 500/400/600 P/EsPage 13 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, P/SALES RATIOS FOR S&P STOCK PRICE INDEXES*( Weekly )S&P 500 LargeCap ( )S&P 400 MidCap ( )S&P 600 SmallCap ( )* Price divided by 52-week forward consensus expected revenues per : I/B/E/S data by P/SALES RATIOS FOR S&P STOCK PRICE INDEXES*(daily)S&P 500 LargeCap ( )S&P 400 MidCap ( )S&P 600 SmallCap ( )* Daily stock price index divided by 52-week forward consensus expected revenues per.

10 I/B/E/S data by Refinitiv and Standard & Poor s 500/400/600 P/SalesPage 14 / October 28, 2020 / S&P 500/400/600 Weekly Fundamentals Research, 500 REVENUES PER SHARE(consensus analysts estimates in dollars, Weekly , ratio scale)Consensus ForecastsAnnual RevenuesForward Revenues*2006200720082009201020112012201 3201420152016201720182019202020212022507 5100125150175200225507510012515017520022 510/22202122S&P 500 OPERATING EARNINGS PER SHARE(consensus analysts estimates in dollars, Weekly , ratio scale)Consensus ForecastsAnnual EarningsForward Earnings*2006200720082009201020112012201 3201420152016201720182019202020212022678 910111213146789101112131422212010 500 PROFIT MARGIN(using analysts average earnings and sales forecasts, percent)Consensus ForecastsForward Margins* ( )Annual Margins* Time-weighted average of the consensus estimates for current and next year.