Stock bulls reeling from the worst month of 2023 have at least one reason for optimism: Corporate profits are set to rebound sharply in the fourth quarter.Net income at S&P 500 companies is projected to grow about 7.6 per cent year over year in the period, snapping a run of four straight contractions, according to data compiled by Bloomberg Intelligence. Third-quarter earnings reports that start in earnest next week are likely to show profits fell slightly — 0.
Communications and utilities, with estimated earnings gains of at least 45 per cent each, should power the fourth-quarter recovery. The rebound signals a changing of the sectoral guard as last year’s profit laggards bounce back, while others struggle to match rapid growth from a year ago.Thanks for signing up!The next issue of Investor will soon be in your inbox.
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