The S&P 500 Profit Guidance Momentum, an indicator measuring the proportion of stocks raising earnings guidance relative to those maintaining or lowering it, has fallen to its lowest level in 15 years as of May 20, 2025. Earnings revisions breadth for the S&P 500 reached -15%, improving from mid-April lows of -25%, signaling a cautious outlook on forward earnings per share and corporate confidence. Meanwhile, the Citi U.S. Economic Surprise Index has remained in negative territory for much of 2025, although its fluctuations have moderated compared to 2022. Notably, the Citi U.S. Earnings Revision Index, which had experienced 20 consecutive weekly declines, turned positive for two consecutive weeks by May 21, indicating a potential shift in earnings expectations.