A handful of massive growth and technology names that have dominated the U.S. stock market in 2023 are set to report earnings in coming weeks, potentially determining the path for this year’s equity rally.
They will need strong results to justify premium valuations. Those companies trade at an overall trailing price-to-earnings ratio of about 40 times, versus 15 times for the S&P 500 excluding those companies, according to BofA. “It’s also how do these big companies, which are carrying the market ... guide for the rest of the year and into 2024,” he said.
Tesla is the first of the growth giants to report, with earnings expected on Wednesday. The Elon Musk-led company this month said it delivered a record number of vehicles in the second quarter. “It’s going to take some time for that to work its way through and to show up,” said Martin, who is overweight some of the megacap stocks. “Along the way, people are going to want to see some sort of progress.”
France Dernières Nouvelles, France Actualités
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