(Jan 21): S&P 500 companies are handily beating earnings estimates, yet unimpressed investors are delivering the worst share-price reactions on record as the outlook for 2026 turns murky. While it’s still early days, data compiled by Bloomberg Intelligence show about 81% of S&P 500 firms have beaten fourth-quarter profit expectations so far. Among the stocks that underwhelmed, 3M Co’s shares fell 7% on Tuesday (Jan 20) even as the company topped profit estimates, with investors focusing instead on a glum forecast. That’s lifted valuations above long-term averages just as analysts have been cutting profit estimates ahead of the reporting season. Signs of weaker demand would likely be poorly received with the S&P 500 trading at about 22 times forward earnings, above a 10-year average of 19.

Source: The Edge Markets January 21, 2026 10:33 UTC