, with companies beating analysts’ profit expectations at the highest rate in nearly two years even as revenue beats dropped to the lowest since early 2020.
Overall, second-quarter earnings are expected to have fallen 3.8% from a year earlier, Refinitiv IBES data showed. That decline follows a 0.1% rise in the first quarter and a 3.2% drop in the fourth quarter of last year. This year’s valuation expansion accounted for 86% of the S&P 500′s year-to-date return through July, with the rest of the market’s boost coming from positive changes to earnings estimates, an analysis by Credit Suisse equity strategists showed.
Stock reaction to earnings results has also been tepid, with share prices posting weaker responses to both beats and misses than the average over the past five years, analyst Julian Emanuel of Evercore ISI said. The average stock fell 0.6% after results in the second quarter, Emanuel said in a note on Thursday.
Companies reporting results next week include key retailers, such as Walmart and Home Depot, while the release of monthly retail sales on Tuesday also could influence markets.
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