The earnings season is gaining momentum as the tech reporting season kicks off this week. With the S&P 500 Index reaching a new high on Friday, investors are keenly watching earnings reports to sustain the market’s upward momentum.
Mixed Q4 Earnings So Far
About 10% of the S&P 500 companies have reported their financial results so far, according to data provided by Factset.
Regional banks like Comerica, Inc. (NYSE:CMA), Fifth Third Bancorp. (NASDAQ:FITB), and Regions Financial Corp. (NYSE:RF) reported sharp earnings declines due to higher interest rates and increased FDIC fees.
Larger peers such as Goldman Sachs Group, Inc. (NYSE:GS) posted strong results, while Morgan Stanley (NYSE:MS) saw earnings decline despite beating revenue expectations. Financial services company Discover Financial Services (NYSE:DFS) faced a decline on an earnings miss.
According to Factset, the fourth-quarter earnings season has had a weak start, with the percentage of S&P 500 companies reporting positive earnings surprises below average, primarily due to the subpar performance of financial sector companies. The current forecast for the blended Q4 earnings decline is 1.7%, steeper than the 0.3% drop reported last week.
On the revenue front, 62% of S&P 500 companies have reported revenue upside, slightly below the five-year and ten-year averages.
See Also: Best Technology Stocks Right Now
Looking Ahead
This week will see 75 S&P 500 companies, including 10 Dow components, reporting results. The S&P 500 Index closed at a record 4,839.81 on Friday, reflecting a strong performance amid ongoing economic uncertainties.
Key Earnings This Week:
Monday:
Aftermarket: United Airlines Holdings, Inc. (NYSE:UAL), Agilysys, Inc. (NASDAQ:AGYS), Zions Bancorporation, National Association (NASDAQ:ZION).
Tuesday:
Premarket: Dow components 3M Company (NYSE:MMM), The Procter & Gamble Company (NYSE:PG), Verizon Communications Inc. (NYSE:VZ), homebuilder D.R. Horton, Inc. (NYSE:DHI), General Electric Co. (NYSE:GE), pharma giant Johnson & Johnson (NYSE:JNJ), defense contractors Lockheed Martin Corp. (NYSE:LMT) and RTX Corporation (NYSE:RTX) and Halliburton Company (NYSE:HAL).
Aftermarket: Netflix, Inc. (NASDAQ:NFLX), Steel Dynamics, Inc. (NASDAQ:STLD), oilfield services company Baker…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
