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Chart of the Week
So far in Q1, 68% of S&P 500 companies reporting earnings beat estimates by more than one standard deviation, much higher than the 46% historical average. However, beats have only been rewarded by a median 26bps of outperformance, versus 103bps historically. The market has been more focused on future guidance as we move towards economic normalization.
Source: Goldman Sachs Global Investment Research and GSAM SAS Market Strategy