In the spreadsheet above I have tracked the top 30 weights for the S&P 500 ETF (SPY).
The column under the date 1/19/2026 has a letter that represents the movement in 2026 earnings estimates since the most recent print (11/20/2025). “U” means 2026 estimates are UP in the last 60 days. “D” means 2026 estimates are DOWN in the last 60 days. “S” means 2026 estimates have remained the SAME in the last 60 days. The column entitled “1yr Target Est” is the Wall Street consensus 12 month price target for each stock.
What this table is telling us is that estimates are UP. More estimates went UP for 2026 in the past 60 days than came DOWN – 16:10 UP:DOWN ratio. The rest remained the same.
The cumulative 2026 earnings power of these 30 stocks was revised UP by +4.90% in the past 60 days.
