S&P 500 Earnings Season to Begin With Big Banks and Financials at Center Stage

earnings kick off with the big banks and financials starting to report next week, with Friday, October 13th, ’23 being the day 4 – 5 bigger financials report, all of which will be covered this weekend.The above spreadsheet table shows what the numbers look like for how Q3 ’23 expected EPS and revenue growth by sector evolved as Q2 ’23 results were reported for the S&P 500.

The utility sector saw positive revenue revisions for Q3 ’23 as Q2 ’23 unfolded, even as the common stocks saw a drubbing.The 3rd quarter ’22 S&P 500 EPS and revenue growth were +4.4% and +11.7%. That revenue growth number for Q3 ’22 was the last double-digit percentage growth for the S&P 500, after a string of 7 quarters of double-digit revenue growth for the benchmark starting with Q1’21.

Looking again at Q3 ’23, technology’s expected growth even for full-year ’23 is still hard to reconcile with the so-called “magnificent 7” or the top 10 mega-cap names in the S&P 500, in terms of their YTD ’23 performance.

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