Earnings expectations creep higher
U.S. equity indexes rally: Dow out front, up ~2%
All S&P 500 sectors green; Industrials out front, up >2%
Dollar edges red; gold up ~1%; bitcoin up >3%; crude off >1%
U.S. 10-Year Treasury yield falls to ~4.21%
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EARNINGS EXPECTATIONS CREEP HIGHER
While less than stellar high-profile earnings reports helped cause quite the stir in the market this week, the latest data from LSEG shows expectations increasing gradually for S&P 500 .SPX as we get deeper into the reporting season.
With 206 reports already released, Wall Street's blended expectation (including estimates and actual reports) for second-quarter earnings growth is now at 12.1% year-over-year or 13% if the energy sector is excluded, according to the latest report from LSEG analyst Tajinder Dhillon.
In last Friday's report (July 19th), the blended expectation was 11.1% or 12.0% excluding energy.
In aggregate LSEG says companies are reporting earnings 4.4% above expectations, up from the 4.2% long-term beat rate (back to 1994), but down from the 7.3% beat for the last 4 quarters.
Q2 rev is now expected to grow 4.8% and this doesn't change if energy is excluded. The growth expectation has edged up from 4.5% last Friday.
The biggest drama in terms of expectation changes has come from the financial sector .SPSY which is now expected to show EPS growth of 17.6% vs expectations for 8.8% on July 1 (before earnings started). However, it should be noted that financials mostly report their results early in the earnings season.
But hang onto your hats and fasten your seat belts for the next weekly report (August 2) as the days ahead will bring reports from market heavyweights Microsoft .IXIC, on Tuesday before Apple AAPL.O and Amazon.com AMZN.O, both on Thursday.
(Sinéad Carew)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
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FRIDAY DATA OLYMPICS: PCE (ALMOST) STICKS THE LANDING - CLICK HERE
U.S. STOCKS RISE AS INFLATION READ POINTS TO RATE CUTS - CLICK HERE
U.S. STOCK FUTURES PARE GAINS SLIGHTLY AFTER PCE - CLICK HERE
DON'T CALL IT A ROTATION - CLICK HERE
MARKETS REACTING TO RECESSION THAT ISN'T THERE - CLICK HERE
EARNINGS HELP EUROPEAN INDEXES - CLICK HERE
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