The chart on the left shows historical S&P 500 operating earnings per share (EPS) in addition to forecasted estimates for 2022, 2023, and 2024. The chart on the right shows the percent change in the S&P 500 price index, earnings per share, and forward P/E ratios on a year-to-date basis. The table shows the contribution of earnings and multiples to the S&P 500’s price return.