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Stock Market Indicators:S&P 500/400/600 Sectors
Market Cap & Earnings SharesYardeni Research, Inc.
June 23, 2020
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
S&P 500 Sectors Market Cap & Earnings Shares 1S&P 400 Sectors Market Cap & Earnings Shares 2S&P 600 Sectors Market Cap & Earnings Shares 3S&P 500/400/600 Sectors Market Cap Shares 4S&P 500/400/600 Sectors Earnings Shares 5S&P 500/400/600 Sectors Revenues Shares 6S&P 500 Sectors Market Cap & Earnings Shares 7-12
Figure 1.
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 2380
85
90
95
6/19S&P 500 RELATIVE TO S&P 1500(percent)
Capitalization Share (92.1)Earnings Share* (92.8)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 235
10
15
20
25
6/18
INDUSTRIALS
(8.1)(7.6)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 234
8
12
16
20
6/18
CONSUMER DISCRETIONARY
(10.6)(5.9)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 235
10
15
20
25
30
35
40
6/18
INFORMATION TECHNOLOGY
(26.9)(24.3)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 235
10
15
20
6/18
CONSUMER STAPLES
(7.0)(7.8)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230
2
4
6
8
10
12
6/18
MATERIALS
(2.5)(2.6)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230
5
10
15
20
25
6/18
ENERGY
(2.9)(0.6)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230
1
2
3
4
6/18
REAL ESTATE
(2.9)(1.3)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230
10
20
30
6/18
FINANCIALS
(10.5)(15.7)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230
2
4
6
8
10
12
14
6/18COMMUNICATION SERVICES
(10.9)(10.9)
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 235
10
15
20
25
6/18
HEALTH CARE
(14.5)(19.6)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly. Source: I/B/E/S data by Refinitiv.
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230
5
10
15
20
6/18
UTILITIES
(3.1)(3.8)
yardeni.com
S&P 500 Sectors Market Cap & Earnings Shares
Page 1 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
Figure 2.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
6
7
8
9
10
11
12
6/18
S&P 400 RELATIVE TO S&P 1500(percent) Capitalization Share (5.6)
Earnings Share* (5.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
13
16
19
22
6/18
INDUSTRIALS
(16.0)(15.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
9
12
15
18
21
24
6/18
CONSUMER DISCRETIONARY
(14.0)(9.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
12
14
16
18
20
22
24
6/18
INFORMATION TECHNOLOGY
(16.9)(16.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
6/18
CONSUMER STAPLES
(3.6)(4.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
12
6/18
MATERIALS
(5.8)(6.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-202468
10121416
6/18
ENERGY(1.5)(-0.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
12
14
6/18
REAL ESTATE(10.2)(5.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
6/18
FINANCIALS
(15.2)(27.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-1
0
1
2
3
6/18
COMMUNICATIONS SERVICES(1.9)(1.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
8
10
12
14
16
6/18
HEALTH CARE(10.9)(8.7)
Source: I/B/E/S data by Refinitiv.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
12
6/18
UTILITIES
(4.1)(5.8)
yardeni.com
S&P 400 Sectors Market Cap & Earnings Shares
Page 2 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
Figure 3.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
6/18
S&P 600 RELATIVE TO S&P 1500(percent) Capitalization Share (2.3)
Earnings Share* (1.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2114
16
18
20
22
24
6/18
INDUSTRIALS(17.7)(23.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
6/18
CONSUMER DISCRETIONARY(15.5)(16.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
13
16
19
22
25
6/18
INFORMATION TECHNOLOGY
(15.1)(20.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
3
4
5
6
6/18
CONSUMER STAPLES(3.5)(4.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
6/18
MATERIALS
(4.9)(6.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-20
0
20
40
6/18
ENERGY
(3.2)(-13.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
6/18
REAL ESTATE
(7.5)(0.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
35
6/18
FINANCIALS
(15.2)(30.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-6
-4
-2
0
2
4
6/18COMMUNICATIONS SERVICES
(2.5)(1.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
6
8
10
12
14
16
18
6/18
HEALTH CARE
(12.5)(8.4)
Source: I/B/E/S data by Refinitiv.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
7
8
6/18
UTILITIES(2.3)(2.8)
yardeni.com
S&P 600 Sectors Market Cap & Earnings Shares
Page 3 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
Figure 4.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
20
40
60
80
1006/18S&P 500/400/600
(S&P capitalization share by sector, percent)
(92.1)(5.6)(2.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
35
40
6/18
INDUSTRIALS(S&P capitalization share by sector, percent)
S&P 500 (8.1)S&P 400 (16.0)S&P 600 (17.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
6/18
CONSUMER DISCRETIONARY (10.6)(14.0)(15.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21121416182022242628
6/18INFORMATION TECHNOLOGY(26.9)(16.9)(15.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
5
10
15
20
6/18
CONSUMER STAPLES(7.0)(3.6)(3.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
12
6/18
MATERIALS(2.5)(5.8)(4.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
5
10
15
20
6/18
ENERGY(2.9)(1.5)(3.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
3
6
9
12
15
6/18
REAL ESTATE(2.9)(10.2)(7.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
FINANCIALS
(10.5)(15.2)(15.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
126/18COMMUNICATION SERVICES
(10.9)(1.9)(2.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
8
10
12
14
16
18
20
6/18
HEALTH CARE (14.5)(10.9)(12.5)
Source: I/B/E/S data by Refinitiv.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
12
6/18
UTILITIES(3.1)(4.1)(2.3)
yardeni.com
S&P 500/400/600 Sectors Market Cap Shares
Page 4 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
Figure 5.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
20
40
60
80
100
120
140
6/18
S&P 500/400/600(S&P earnings share by sector, percent)
S&P 500 (92.8)S&P 400 (5.4)S&P 600 (1.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
15
25
35
45
6/18
INDUSTRIALS(S&P earnings share by sector, percent)
(7.6)(15.7)(23.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
5
10
15
20
25
6/18
CONSUMER DISCRETIONARY
(5.9)(9.9)(16.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
6/18
INFORMATION TECHNOLOGY(24.3)(16.1)(20.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
4
8
12
16
6/18
CONSUMER STAPLES(7.8)(4.4)(4.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
3
6
9
12
15
6/18
MATERIALS (2.6)(6.4)(6.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-20
-10
0
10
20
30
6/18
ENERGY(0.6)(-0.8)(-13.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
6/18
REAL ESTATE(1.3)(5.0)(0.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
35
6/18
FINANCIALS(15.7)(27.5)(30.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-5
0
5
10
15
6/18COMMUNICATION SERVICES
(10.9)(1.5)(1.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
6/18
HEALTH CARE(19.6)(8.7)(8.4)
Source: I/B/E/S data by Refinitiv.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
6/18
UTILITIES(3.8)(5.8)(2.8)
yardeni.com
S&P 500/400/600 Sectors Earnings Shares
Page 5 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
Figure 6.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
20
40
60
80
100
120
6/18
S&P 500/400/600(S&P revenues share by sector, percent)
S&P 500 (84.9)S&P 400 (9.5)S&P 600 (5.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
35
40
6/18
INDUSTRIALS(S&P revenues share by sector, percent)
(10.4) (19.4) (19.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
35
40
6/18
CONSUMER DISCRETIONARY(12.9)(19.7)(28.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
INFORMATION TECHNOLOGY(11.5)(16.6)(11.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
5
10
15
20
6/18
CONSUMER STAPLES (11.2)(5.4)(8.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
12
6/18
MATERIALS
(3.0)(8.5)(6.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-5
0
5
10
15
20
25
6/18
ENERGY(6.8)(5.1)(5.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
1
2
3
4
6/18
REAL ESTATE(1.0)(3.0)(2.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
12
14
16
6/18
FINANCIALS
(11.8)(10.4)(6.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
6/18COMMUNICATION SERVICES
(8.4)(1.5)(2.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
6/18
HEALTH CARE(20.1)(7.4)(9.1)
Source: I/B/E/S data by Refinitiv.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
3
6
9
12
6/18
UTILITIES(2.9)(2.9)(0.8)
yardeni.com
S&P 500/400/600 Sectors Revenues Shares
Page 6 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
2
4
6
8
10
12
0
2
4
6
8
10
12
6/18
S&P 500 COMMUNICATION SERVICES: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (10.9)Earnings Share* (10.9)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
Figure 7.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
16
18
4
6
8
10
12
14
16
18
6/18
S&P 500 CONSUMER DISCRETIONARY: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (10.6)Earnings Share* (5.9)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
Figure 8.
S&P 500 Sectors Market Cap & Earnings Shares
Page 7 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
6
7
8
9
10
11
12
13
14
15
5
6
7
8
9
10
11
12
13
14
15
6/18
S&P 500 CONSUMER STAPLES: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (7.0)Earnings Share* (7.8)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
Figure 9.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
0
5
10
15
20
25
6/18
S&P 500 ENERGY: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (2.9)Earnings Share* (0.6)
* Using consensus year-ahead forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
yardeni.com
Figure 10.
S&P 500 Sectors Market Cap & Earnings Shares
Page 8 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 228
10
12
14
16
18
20
22
24
26
28
30
8
10
12
14
16
18
20
22
24
26
28
30
6/18
S&P 500 FINANCIALS: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (10.5)Earnings Share* (15.7)
* Using consensus year-ahead forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
yardeni.com
Figure 11.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 227
9
11
13
15
17
19
21
7
9
11
13
15
17
19
21
6/18
6/18
S&P 500 HEALTH CARE: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (14.5)Earnings Share* (19.6)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
yardeni.com
Figure 12.
S&P 500 Sectors Market Cap & Earnings Shares
Page 9 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 227
8
9
10
11
12
13
14
7
8
9
10
11
12
13
14
6/18
S&P 500 INDUSTRIALS: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (8.1)Earnings Share* (7.6)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
Figure 13.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
40
5
10
15
20
25
30
35
40
6/18
S&P 500 INFORMATION TECHNOLOGY: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (26.9)Earnings Share* (24.3)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
yardeni.com
Figure 14.
S&P 500 Sectors Market Cap & Earnings Shares
Page 10 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 221
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
6/18
S&P 500 MATERIALS: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (2.5)Earnings Share* (2.6)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
Figure 15.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
1
2
3
4
0
1
2
3
4
6/18
S&P 500 REAL ESTATE: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (2.9)
Earnings Share* (1.3)
* Using consensus 12-month forward earnings forecasts. May 2003 swings attributable mostly to index composition changes.Source: I/B/E/Sdata by Refinitiv.
Figure 16.
S&P 500 Sectors Market Cap & Earnings Shares
Page 11 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
3
4
5
6
7
2
3
4
5
6
7
6/18
S&P 500 UTILITIES: MARKET CAP & EARNINGS SHARES(percent)
Capitalization Share (3.1)Earnings Share* (3.8)
* Using consensus 12-month forward earnings forecasts. Monthly through 2006, then weekly.Source: I/B/E/S data by Refinitiv.
yardeni.com
Figure 17.
S&P 500 Sectors Market Cap & Earnings Shares
Page 12 / June 23, 2020 / S&P 500/400/600 Sectors Market Cap & Earnings Shares www.yardeni.com
Yardeni Research, Inc.
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