{"id":42370,"date":"2023-07-30T20:36:21","date_gmt":"2023-07-31T00:36:21","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/second-quarter-u-s-earnings-estimate-still-weak-but-improving\/"},"modified":"2023-07-30T20:36:22","modified_gmt":"2023-07-31T00:36:22","slug":"second-quarter-u-s-earnings-estimate-still-weak-but-improving","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42370","title":{"rendered":"Second-quarter U.S. earnings estimate still weak, but improving"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo<\/span>
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By Caroline Valetkevitch<\/p>\n

NEW YORK (Reuters) -The forecast for second-quarter earnings is looking slightly improved from a week ago, although it remains weak with results in from more than half of the S&P 500 companies, Refinitiv data showed Friday.<\/p>\n

Second-quarter earnings for S&P 500 companies now are estimated to have fallen 6.4% year over year. While still negative, the forecast is an improvement from the 7.9% drop estimated a week ago.<\/p>\n

The latest estimate is based on results from 254 of the S&P 500 companies and projections for the remaining components. About 79% of reports are beating analysts’ earnings expectations.<\/p>\n

“It’s mixed, but you’ve had a lot of high-profile companies that beat,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.<\/p>\n

Among this week’s upbeat results, Alphabet (NASDAQ:)’s second-quarter profit exceeded Wall Street expectations.<\/p>\n

The earnings forecast tends to improve with stronger-than-expected results.<\/p>\n

Year-over-year earnings rose 0.1% in the 2023 first quarter, which was much better than the forecast for a 5.1% drop at the start of the reporting season. <\/p>\n

Stocks have been rising despite the still-weak earnings picture, partly on expectations that the Federal Reserve may be nearing the end of its rate-hiking cycle. The S&P 500 registered its highest close Friday since April 2022.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo By Caroline Valetkevitch NEW YORK (Reuters) -The forecast for second-quarter earnings is looking slightly improved from a week ago, although it remains weak with results in from more […]<\/p>\n","protected":false},"author":1,"featured_media":800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-42370","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSecond-quarter U.S. earnings estimate still weak, but improving | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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