Stock Market Returns - What's the Key Driver of Recent Market Losses?

Stockmarket returns are driven by changes in earnings per share, cash returned to shareholders via dividends or share by backs, and changes in valuations. The vast majority of s n p 500 return in 20 19 and 20 20 can be attributed to multiple expansion. It wasn't until 20 21 when multiples began to contract that investors began paying less for a dollar of earnings growth. But the russian invasion does complicate things a little bit since they're the world's third largest oil and second largest natural gas producer. They also control half of the world's peladium supply, which is already pushing prices higher.