Q3 US earnings growth seen at 5.3% as end of quarter nears
Dow up 0.5%, S&P 500 edges red, Nasdaq down ~0.3%
Energy leads S&P 500 sector gainers; tech weakest group
Dollar slips, gold off ~0.9%; crude up 0.8%; bitcoin up <2%
U.S. 10-Year Treasury yield falls to ~3.75%
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Q3 US EARNINGS GROWTH SEEN AT 5.3% AS END OF QUARTER NEARS
As the end of the third quarter of 2024 fast approaches, analysts are estimating a 5.3% year-over-year earnings gain for S&P 500 companies for the period, according to LSEG data Friday.
That growth number is well below the 13.2% year-over-year earnings gain for the S&P 500 in the second quarter and below the 8.2% growth of the first quarter of this year. Also, analysts are projecting year-over-year earnings growth of 12.9% for S&P 500 companies for the fourth quarter, LSEG data showed.
Estimates for the third quarter have fallen since the start of the period. On July 1, analysts had estimated third-quarter earnings growth of 8.6%.
However, it should be noted that estimates typically fall heading into an earnings season and then rise as the majority of companies beat analyst expectations.
Technology .SPLRCT and communication services .SPLRCL are expected to lead earnings gains in the third quarter, while energy earnings are seen declining about 20% year-over-year, LSEG data showed.
(Caroline Valetkevitch)
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