NEW YORK -Stock investors have been satisfied by middling U.S. corporate results so far this year but they might not be so easy to please for the rest of 2023.results are presenting a mixed picture, 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.
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