The S&P 500 officially returned to an earnings recession with last quarter’s results, and there does not seem to be much hope for a turnaround amid a world-wide pandemic.
All 11 sectors of the S&P 500 are expected to suffer an earnings decline in the coming earnings season, according to analyst estimates, and collectively analysts expect an earnings decline of more than 20%. The FactSet consensus calls for a 20.5% drop in aggregate net income for the third quarter, following a 31.4% plunge in the second quarter and a 14% decrease in the first quarter.
Recent quarters have highlighted how large-technology companies have an outsize influence on the S&P 500’s profit performance due to the index’s market-capitalization weighting. Sizable earnings beats from Amazon.com Inc. AMZN, +4.75%, Apple Inc. AAPL, +6.35% and Microsoft Corp. MSFT, +2.59% helped improve the index’s performance in the June quarter, but Apple is expected to post a 10% year-over-year decline in net income for the September quarter.
No shit
Hon Hai Precision Industry Co., announced a high-profile deal in July 2017 with U.S. President Donald Trump. At a ground-breaking in June 2018, Trump touted the proposed factory as “the Eighth Wonder of the World.” Now this factory is in doubt
Silly market watch, Stonks only go up.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »