With the season in full swing Q1 earnings view improves
U.S. equity indexes rise; Nasdaq leads gains, up >2%
Comm svcs biggest gainer among S&P sectors; energy weakest group
Dollar, gold, crude rising, bitcoin down >1%
U.S. 10-Year Treasury yield falls to ~4.67%
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WITH THE SEASON IN FULL SWING Q1 EARNINGS VIEW IMPROVES
Wall Street's view of the quarter has brightened even from Thursday with 229 of the benchmark S&P 500 companies having reported first quarter results at the time of LSEG's latest report.
On a blended basis, including reported numbers and estimates for companies that have yet to report, Wall Street is now expecting earnings growth of 5.6%, up from 4.3% the day before, and from 5.1% on April 1 which was before the reporting season started, according to LSEG, which aggregates analyst estimates.
Also LSEG points out that the growth estimate would actually be at 8.7% without reflecting a roughly $12 bln one-time acquisition related charge to be incurred by Bristol-Myers Squibb Co BMY.N.
The latest blended revenue growth estimate is 3.8% for the same group up from 3.4% in Thursday's LSEG report.
The overnight changes were undoubtedly helped by strong quarters from Google's parent Alphabet GOOGL.O and Microsoft MSFT.O.
Another company whose results and outlook impressed investors was chip equipment co KLA Corp KLAC.O which reported third quarter revenue that beat the street and forecast fourth-quarter revenue above analysts' expectations on Thursday.
But telling a less rosy story was Intel INTC.O as its financial guidance disappointed investors and its Q1 revenue of $12.72 billion, which missed expectations of $12.78 billion.
While Gilead Sciences GILD.O reported a first-quarter loss after taking a $3.9 billion acquisition charge its revenue beat Wall Street expectations.
Next week's big ticket earnings reports will include Amazon.com AMZN.O and Apple Inc AAPL.O.
(Sinéad Carew)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
BULL-BEAR SPREAD NEGATIVE FOR FIRST TIME SINCE EARLY NOV - AAII - CLICK HERE
FRIDAY DATA BIDS ADIEU TO NEAR-TERM RATE CUT HOPES - CLICK HERE
WALL STREET INDEXES RISE WITH INFLATION, EARNINGS IN FOCUS - CLICK HERE
U.S. STOCK FUTURES DIGEST LATEST PCE DATA - CLICK HERE
AN APRIL OF THE FTSE DOING WHAT THE FTSE DOES BEST - CLICK HERE
YEN WEAKNESS: GOOD OR BAD? - CLICK HERE
EUROPEAN OIL STOCKS DIP AFTER EXXON Q1 PROFIT MISS - CLICK HERE
Q1 EARNINGS NOT TO BLAME FOR MARKET FATIGUE - BARCLAYS - CLICK HERE
WHEN MARKETS STRUGGLE TO PRICE OUT A FED HIKE - CLICK HERE
STOXX 600 GETS EARNINGS BOOST - CLICK HERE
US TECH SET TO GIVE EUROPE BOOST - CLICK HERE
READING BOJ'S TEA LEAVES -CLICK HERE
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