What has gone largely unnoticed, however, is the improving fundamental backdrop for U.S. equities, particularly the earnings outlook for the S&P 500. Analysts currently expect the S&P 500 – the 500 largest publicly traded companies in the U.S. – to generate earnings of approximately $319/share this year. Technology, which accounts for roughly 33% of the S&P 500, plays an outsized role in S&P 500 earnings. At the start of the year, the S&P 500 was trading at a high P/E ratio of 25x. Of course, if the war continues and oil prices surge even further than this opportunity could quickly fade as high oil prices could tip the economy into recession.

Source: The Guardian April 05, 2026 07:32 UTC