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Earnings optimism may limit the upside for the S&P 500

We doubt the S&P 500 will get much of a boost from upward revisions to earnings forecasts between now and the end of 2022, which is one reason why we expect the index to make only small gains this year. What’s more, notwithstanding their recent struggles, we think that the outlook is even worse for the tech-heavy sectors of the stock market, where earnings expectations still seem highly optimistic.

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