As dust settles on Q2 season, Mag 7 ends with strong profit growth
Nasdaq up ~0.6%, S&P 500 up ~0.2%, Dow declines ~0.4%
Cons Disc leads S&P 500 sector gainers; Energy weakest group
S&P banks index down >3%
Dollar ~flat; gold, bitcoin slightly higher; crude slides >4%
U.S. 10-Year Treasury yield falls to ~3.65%
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AS DUST SETTLES ON Q2 SEASON, MAG 7 ENDS WITH STRONG PROFIT GROWTH
Despite some disappointments, the second-quarter earnings season proved to be a strong one still for the "Magnificent 7" group of stocks.
With the season now over, year-over-year earnings growth for the group was at 38%, compared with 13% growth for the S&P 500 .SPX as a whole, according to LSEG data.
The Mag 7 group includes Microsoft MSFT.O, Apple AAPL.O, Nvidia NVDA.O, Amazon.com AMZN.O, Meta Platforms META.O, Alphabet GOOGL.O and Tesla TSLA.O.
The last of the Mag 7 to report, Nvidia in late August gave a quarterly forecast that failed to meet the lofty expectations of investors who had driven a dizzying rally in the stock.
Optimism over artificial intelligence especially from Nvidia had been behind gains in stocks early this year, and the S&P 500 still is up about 15% year to date. Nvidia's is still up about 114% for the year so far.
Minus the earnings from the Mag 7 companies, S&P 500 second-quarter earnings was estimated at 8.5%, based on LSEG data.
At the start of July, analysts had estimated year-over-year earnings growth of 10.6% for all of the S&P 500 companies.
Looking ahead, Mag 7 Q3 earnings growth is expected to be 19.5%. S&P 500 earnings growth ex-Mag 7 for Q3 is expected at 2.9% and S&P 500 earnings growth with the Mag 7 is forecasted to be 5.7%.
(Caroline Valetkevitch)
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