The S&P 500 officially returned to an earnings recession with last quarter’s results, and there does not seem to be much hope for a turnaround amid a world-wide pandemic.
All 11 sectors of the S&P 500 are expected to suffer an earnings decline in the coming earnings season, according to analyst estimates, and collectively analysts expect an earnings decline of more than 20%. The FactSet consensus calls for a 20.5% drop in aggregate net income for the third quarter, following a 31.4% plunge in the second quarter and a 14% decrease in the first quarter.
Recent quarters have highlighted how large-technology companies have an outsize influence on the S&P 500’s profit performance due to the index’s market-capitalization weighting. Sizable earnings beats from Amazon.com Inc. AMZN, +4.75%, Apple Inc. AAPL, +6.35% and Microsoft Corp. MSFT, +2.59% helped improve the index’s performance in the June quarter, but Apple is expected to post a 10% year-over-year decline in net income for the September quarter.
No shit
Hon Hai Precision Industry Co., announced a high-profile deal in July 2017 with U.S. President Donald Trump. At a ground-breaking in June 2018, Trump touted the proposed factory as “the Eighth Wonder of the World.” Now this factory is in doubt
Silly market watch, Stonks only go up.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »