With the third quarter winding down, investors are looking ahead to the upcoming third quarter earnings season, which begins in earnest around October 11, when big banks like JPMorgan Chase , materials , and real estate sectors were down.
About 60 of the 110 S&P 500 companies that issued third quarter guidance issued negative EPS guidance, while 50 issued positive Q3 EPS guidance. The 55% that issued negative guidance is slightly below the five-year average of 58% and the 10-year average of 62%. Also, the communication services sector expected to see 10.5% earnings growth in the quarter, led by strong growth from Alphabet ratio for the S&P 500 for the third quarter is roughly 21.4, which is higher than the 5-year average of 19.5 and the 10-year average of 18.0, according to FactSet. Further, it is slightly higher than it was at the end of the second quarter, when it stood at 21.0.
If you are looking for deals, the cheapest sectors are energy with a 12.6 forward P/E, followed by financials at 16.1, utilities at 18.2, and communication services at 18.7.Given its relatively low valuation with a forward P/E of 18.7, Wall Street analysts are most bullish on communication services. The communication services sector has the highest percentage of “buy” ratings at 64%, followed by energy at 62%, and IT at 61%.
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