The US economy may be able to decouple from the global economy, but the S&P 500 cannot do the same, Yardeni argues on February 5. The global economy weakened significantly in late 2018, and is showing no signs of improving. Since almost half of S&P 500 revenues comes from abroad, global weakness will weigh on the 2019 growth rates of both S&P 500 revenues and earnings. The strong dollar is also a negative for both. Analysts, therefore, are likely to continue to cut their first-quarter forecasts. Yardeni is already predicting much slower revenues per share growth this year at 4.0%, compared with 10.7% through to the end of the third quarter of 2018. The analysts are considering lowering this given the weakening of global economic indicators.