Lead idea
S&P earnings growth faces three-way pressure
The bear case presented was that S&P 500 earnings growth is likely to erode as three key profit components - financial, energy, and 'new era' tech - face simultaneous headwinds. Jim Paulsen made the case on Excess Returns’s “Jim Paulsen on the Weakening Economy, Tech Bear Market Risk and the Bull Market Built on Fear”, aired 14 September 2026. Financial profits are expected to worsen with higher oil prices and policy tightening, energy profits are set to decline as oil price momentum stalls, and the explosive growth in tech profits is seen as unlikely to sustain its recent pace.
Jim Paulsen · EXCESS RETURNS · “Jim Paulsen on the Weakening Economy, Tech Bear Market Risk and the Bull Market Built on Fear” · 14 SEP