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Jun 06 2024

S&P 500 Earnings Waterfall 1Q24

  • Jun 6, 2024

Today’s eight largest firms produced an average gross margin of 65% over the last fiscal year, a 15-point gain since 1999—and pretax margins are truly amazing. The striking level of profitability at the top of the S&P 500 explains the top-heavy nature of the bull market, and at least partially justifies valuations. 


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About The Author

Scott Opsal / Director of Research & Equities