Wall Street’s forecasts of corporate earnings are likely to fall, sending the stock market in the same direction.
Second, about 58% of all revisions to forecasts for 2023 and 2024 EPS for companies in the S&P 500 have been upward, according to RBC. That is up from less than 40% earlier this year. Already, early signs are emerging that earnings estimates have peaked. While forecasts for EPS have risen in the past half year, they have declined in the past few weeks. Estimates for aggregate third-quarter EPS for companies in the S&P 500 dropped about 0.4% to $57.85 last week, according to DataTrek Research.
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