S&P 500 Blue Angels

By Sectors
Yardeni Research, Inc.

February 12, 2021

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

Joe Abbott
732-497-5306
jabbott@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

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Table Of Contents Table Of Contents
S&P 500 Blue Angels 1-8

February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
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 S&P 500 Blue Angels
Figure 1.
5150 5150
S&P 500 INDEX, FORWARD EARNINGS, & VALUATION
4350 x25 4350
S&P 500 Index
3550 02/12/21 x20 3550
Blue Angels Implied Price Index*
2750 02/04/21 2750
x15

1950 1950
x10

1150 1150

yardeni.com
350 350
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 2.
4500 4500
S&P 500, FORWARD EARNINGS, and VALUATION
(weekly) x24
4000 4000
Blue Angels: S&P 500 x22
Actual 02/12/21
3500 Implied* 02/04/21 x20 3500

x18
3000 3000
x16

2500 x14 2500

x12
2000 2000
x10

1500 1500

1000 1000

yardeni.com
500 500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Implied price index calculated using forward earnings times forward P/Es. Weekly data start January 2007.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 1 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
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 S&P 500 Blue Angels
Figure 3.
1575 1575
S&P 500 CONSUMER DISCRETIONARY INDEX, FORWARD EARNINGS, & VALUATION
1325 1325
Consumer Discretionary Index x30
1075 1075
Daily: 02/12/21
x24
825 Blue Angels Implied Price Index* 825
Weekly: 02/04/21
x18
575 575

x12

325 325

yardeni.com
75 75
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 4.
1070 1070
S&P 500 CONSUMER STAPLES INDEX, FORWARD EARNINGS, & VALUATION
870 Consumer Staples Index 870
x24
Daily: 02/12/21
670 Blue Angels Implied Price Index* 670
Weekly: 02/04/21 x17

470 470

x10

270 270

yardeni.com
70 70
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 2 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
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 S&P 500 Blue Angels
Figure 5.
1802 1802
1502 S&P 500 ENERGY INDEX, FORWARD EARNINGS, & VALUATION 1502
1202 1202
902 Energy Index 902
602 Daily: 02/12/21 602
Blue Angels Implied Price Index*
302 Weekly: 02/04/21 302
x20
x13

x6

yardeni.com
2 2
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 6.
1100 1100
950
S&P 500 FINANCIALS INDEX, FORWARD EARNINGS, & VALUATION 950
800 Financials Index 800
Daily: 02/12/21
650 650
Blue Angels Implied Price Index* x16
500 Weekly: 02/04/21 500
x12

350 350
x8

200 200

yardeni.com
50 50
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 3 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Blue Angels
Figure 7.
3050 3050
2550 S&P 500 HEALTH CARE INDEX, FORWARD EARNINGS, & VALUATION x30 2550
2050 2050
Health Care Index x20
1550 1550
Daily: 02/12/21
1050 Blue Angels Implied Price Index* 1050
Weekly: 02/04/21
x10

550 550

yardeni.com
50 50
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 8.
960 960
S&P 500 INDUSTRIALS INDEX, FORWARD EARNINGS, & VALUATION
810 810
Industrials Index
660 660
Daily: 02/12/21 x20

510 Blue Angels Implied Price Index* 510

Weekly: 02/04/21
x14

360 360

x8

210 210

yardeni.com
60 60
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 4 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Blue Angels
Figure 9.
3670 x40 3670
3070 S&P 500 INFORMATION TECHNOLOGY INDEX, FORWARD EARNINGS, & VALUATION 3070
x30
2470 Information Technology Index Daily: 2470
02/12/21
1870 x20 1870
Blue Angels Implied Price Index* Weekly:
02/04/21
1270 1270

x10

670 670

yardeni.com
70 70
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 10.
500 500
S&P 500 MATERIALS INDEX, FORWARD EARNINGS, & VALUATION
425 x18 425
Materials Index
350 Daily: 02/12/21 350
x14
Blue Angels Implied Price Index*
275 Weekly: 02/04/21 275

x10

200 200

125 125

yardeni.com
50 50
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 5 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Blue Angels
Figure 11.
475 475
S&P 500 REAL ESTATE INDEX, FORWARD EARNINGS, & VALUATION
400 400
Real Estate Index
325 02/12/21 325
Blue Angels Implied Price Index*
250 02/04/21 250
x50

175 175
x35

100 100
x20

yardeni.com
25 25
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and I/B/E/S data by Refinitiv.

Figure 12.
650 650
S&P 500 COMMUNICATION SERVICES INDEX, FORWARD EARNINGS, & VALUATION
550 550
Communication Services Index
450 Daily: 02/12/21 450

Blue Angels Implied Price Index*

350 Weekly: 02/04/21 350
x30

250 250

x20

150 150

x10

yardeni.com
50 50
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 6 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Blue Angels
Figure 13.
435 435
S&P 500 UTILITIES INDEX, FORWARD EARNINGS, & VALUATION
375 Utilities Index 375
Daily: 02/12/21 x20
315 Blue Angels Implied Price Index* 315
Weekly: 02/04/21

255 x15 255

195 195

x10

135 135

yardeni.com
75 75
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 22

* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 14.
4600 4600
S&P 500, FORWARD EARNINGS, and VALUATION x24
4100 4100
(weekly, ratio scale) x22
3600 x20 3600
Blue Angels: S&P 500
3100 x18 3100
Actual 02/12/21
Implied* 02/04/21 x16
2600 2600
x14

2100 x12 2100

x10
1600 1600

1100 1100

yardeni.com
600 600
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Implied price index calculated using forward earnings times forward P/Es. Weekly data start January 2007.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 7 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Blue Angels
Figure 15.
4250 4250
3650 S&P 500, FORWARD EARNINGS, and VALUATION Jan 3650
3050 (monthly, ratio scale) 3050
2450 2450
1850 1850

1250 Blue Angels: S&P 500 1250

Actual
Implied*
650 650

yardeni.com
50 50
79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23

* Implied price index calculated using forward earnings times forward P/E of 15.0.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 16.
4100 4100
S&P 500, FORWARD EARNINGS, and VALUATION 2/12
3600 (weekly, ratio scale) 3600

3100 Blue Angels: S&P 500 3100

Actual 02/12/21
2600 Implied* 02/04/21 x15 2600

2100 2100

1600 1600

1100 1100

yardeni.com
600 600
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Implied price index calculated using forward earnings times forward P/Es. Weekly data start January 2007.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Page 8 / February 12, 2021 / S&P 500 Blue Angels By Sectors Yardeni Research, Inc.
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