While a few companies have already reported results, it is safe to say that the Q3 2023 earnings season will only kick into high gear tomorrow, spearheaded by major U.S. banks. Against a backdrop of economic uncertainty, high interest rates, subdued consumer confidence, and geopolitical tensions stemming from the Israel-Hamas conflict, investors could certainly use some good news.
Concerning corporate EPS expectations, FactSet data shows that 118 S&P 500 companies have issued forecasts for Q3 2023, with 64% being bearish and 36% taking an optimistic stance. Moreover, among the twenty S&P 500 companies that have already reported results for Q3, 17 have surprised to the upside with 14 S&P 500 reporting a positive revenue surprise as well.
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