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Earnings have beaten Wall Street estimates by more than usual in the second quarter, but the third quarter isn't looking great

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Wall Street's expectations for the third quarter overall have only grown dimmer, despite an upbeat outlook from S&P 500 index heavyweight Amazon.

Online retail giant Amazon.com Inc.’s AMZN second-quarter results and third-quarter forecast sales last week were a bet that more consumers would start buying more things, but Wall Street’s expectations for the third quarter overall have only grown dimmer.

For the third quarter though, analysts now expect a mere 0.2% increase in per-share profit growth overall, according to a FactSet report on Friday, or slightly lower than the 0.4% growth that was expected for the third quarter on June 30, Federal Reserve Chair Jerome Powell last month said policymakers at the central bank had also shucked off their worries of a downturn.

“We still expect a recession, but now we are looking for it to begin in Q1 2024 rather than Q3 2023,” Thomas Simons, U.S. economist at Jefferies, said in a research note on Friday. Results from Walt Disney Co. DIS will likely gobble up more media attention, but earnings from Paramount Global Inc PARA — which oversees CBS, Showtime, Comedy Central and other channels — will offer more detail about how studios are positioning themselves with Hollywood actors on strike. Lions Gate Entertainment Corp. LGF.A also reports.

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