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Soaring profits at oil companies and miners are making earnings look better...

 ... than the reality of the rest of the stock market, and distorting Wall Street’s favorite valuation tool, the ratio of price to forecast earnings.

Strip out the energy sector and the expected rise in earnings for the S&P 500 this year drops from 8% to just over 1%. 

Strip out miners and other commodity players, too, and earnings for the rest of the market are now expected to fall this year.

James Mackintosh WSJ 18 September 2022

Investors made a huge mistake over the summer,
misreading the economy and, even worse, misreading the Federal Reserve. 

The scale of the mistake became obvious on Tuesday and led to the biggest one-day selloff in more than two years. 

But the error—a belief that peak inflation will allow the Fed to ease after reaching peak rates early next year—continues to underpin bond, stock and futures prices.

James Mackintosh WSJ 14 September 2022 

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