The third-quarter earnings season has largely been mixed so far, reflecting the impact of the economic uncertainties on profit growth. That said, data suggests S&P 500 companies may be on track to break a fourth-quarter earnings-declining streak.
A Mixed Bag Laced With Caution: Last week, Investors reacted to disappointing earnings reports from some high-profile companies such as Meta Platforms, Inc. (NASDAQ:META) and Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG). The former spooked investors with softer-than-expected cloud revenue and the latter with its cautious guidance.
Two of the fellow “Magnificent Seven,” namely Microsoft Corp. (NASDAQ:MSFT) and Amazon, Inc. (NASDAQ:AMZN) calmed investors’ nerves, either with stellar results or positive commentary regarding the near term. Chip earnings were also a mixed bag, with Texas Instruments, Inc. (NASDAQ:TXN) reporting a third-quarter miss, while Intel Corp. (NASDAQ:INTC) cheered investors with a solid beat and positive outlook.
Energy giants Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) reported below-consensus earnings for the quarter, and this served as a drag on the profit growth of S&P 500 companies.
Midway into the season, about 49% of the S&P 500 companies have released their earnings so far, with 78% of the companies reporting earnings beats and 62% ringing in revenue upside, data from FactSet shows.
The year-over-year blended earnings growth rate of S&P 500 companies is expected at 2.7%, potentially marking the first growth since the third quarter of 2022.
Earnings Deluge Awaits: The tech earnings news flow continues in the unfolding week, with the likes of Apple, Inc. (NASDAQ:AAPL), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Qualcomm, Inc. (NASDAQ:QCOM) on tap. A slew of SMID-cap companies are also scheduled to disclose their quarterly earnings scorecard.
The earnings assume importance this week as they can influence the near-term trajectory of the equity market, which has been going through a lean patch since the end of July. Traders may also have to contend with the Fed decision, which is due Wednesday. Odds are in favor of a pause, although the rate outlook presented by Fed staffers could primarily move the market.
Apple’s report is the most-watched, given that the tech giant’s performance is seen as a barometer of the health of the global economy and consumer spending in particular. Due to the heavy weighting the stock has in the Nasdaq and S&P 500 indices, it has the potential to take the market in one particular direction.
KeyBanc Capital Market’s Brandon Nispel has muted expectations, as he expects an in-line fourth-quarter performance and the softness to linger in the first quarter, which encompasses the key holiday selling season.
John Vinh from KeyBanc calls for AMD to post in-line to slightly higher results and issue an in-line to slightly lower guidance. He expects the chipmaker to benefit from improving PC and server demand but sees a slight delay in the ramp of the MI300A at El Capitan posing a risk to the guidance.
For Qualcomm, Vinh expects a beat-and-raise quarter, consistent with strong earnings results from Taiwanese fabless semiconductor company Mediatek last week, driven by Android restocking rush orders.
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Key earnings to watch for during the week are:
Monday (before the market opens)
- Check Point Software Technologies Ltd. (NASDAQ:CHKP)
- JinkoSolar Holding Co., Ltd. (NYSE:JKS)
- McDonald’s Corporation (NYSE:MCD)
- ON Semiconductor Corporation (NASDAQ:ON)
- SoFi Technologies, Inc. (NASDAQ:SOFI)
- Western Digital Corporation (NASDAQ:WDC)
Monday (after the market close)
- Vornado Realty Trust (NYSE:VNO)
- Rambus Inc. (NASDAQ:RMBS)
- Wolfspeed, Inc. (NYSE:WOLF)
- Tenet Healthcare Corporation (NYSE:THC)
- Transocean Ltd. (NYSE:RIG)
- Pinterest, Inc. (NYSE:PINS)
- Lattice Semiconductor Corporation (NASDAQ:LSCC)
Tuesday (before the market opens)
- Amgen Inc. (NASDAQ:AMGN)
- Anheuser-Busch InBev NV (NYSE:BUD)
- BP Plc. (NYSE:BP)
- Caterpillar, Inc. (NYSE:CAT)
- JetBlue Airways Corporation (NASDAQ:JBLU)
- Pfizer Inc. (NYSE:PFE)
- Sirius XM Holdings Inc. (NASDAQ:SIRI)
Tuesday (after the market close)
- AMD
- First Solar, Inc. (NASDAQ:FSLR)
- Chesapeake Energy Corporation (NASDAQ:CHK)
- Meritage Homes Corporation (NYSE:MTH)
- Unum Group (NYSE:UNM)
- Yum China Holdings, Inc. (NYSE:YUMC)
Wednesday (before the market opens)
- Bausch + Lomb Corporation (NYSE:BLCO)
- Brinker International, Inc. (NYSE:EAT)
- CVS Health Corporation (NYSE:CVS)
- DuPont de Nemours, Inc. (NYSE:DD)
- GlaxoSmithKline plc (NYSE:GSK)
- Humana, Inc. (NYSE:HUM)
- The Kraft Heinz Company (NYSE:KHC)
- Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)
- SunPower Corporation (NASDAQ:SPWR)
- Yum! Brands, Inc. (NYSE:YUM)
Wednesday (after the market close)
- Avis Budget Group, Inc. (NASDAQ:CAR)
- Exact Sciences Corporation (NASDAQ:EXAS)
- Electronic Arts Inc. (NASDAQ:EA)
- The Clorox Company (NYSE:CLX)
- Etsy, Inc. (NASDAQ:ETSY)
- Marathon Oil Corporation (NYSE:MRO)
- MicroStrategy Incorporated (NASDAQ:MSTR)
- PayPal Holdings, Inc. (NASDAQ:PYPL)
- Qualcomm
- Qorvo, Inc. (NASDAQ:QRVO)
- Roku, Inc. (NASDAQ:ROKU)
Thursday (before the market opens)
- Bausch Health Companies Inc. (NYSE:BHC)
- ConocoPhillips (NYSE:COP)
- Crocs, Inc. (NASDAQ:CROX)
- Eli Lilly and Company (NYSE:LLY)
- Ferrari N.V. (NYSE:RACE)
- Fox Corporation (NASDAQ:FOXA)
- Hyatt Hotels Corporation (NYSE:H)
- Marriott International, Inc. (NASDAQ:MAR)
- Moderna, Inc. (NASDAQ:MRNA)
- The Wendy’s Company (NASDAQ:WEN)
- Paramount Global (NASDAQ:PARA)
- Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
- The Cigna Group (NYSE:CI)
- Starbucks Corporation (NASDAQ:SBUX)
- Peloton Interactive, Inc. (NASDAQ:PTON)
Thursday (after the market close)
- Apple
- Block, Inc. (NYSE:SQ)
- DraftKings Inc. (NASDAQ:DKNG)
- Dropbox, Inc. (NASDAQ:DBX)
- Expedia Group, Inc. (NASDAQ:EXPE)
- Fortinet, Inc. (NASDAQ:FTNT)
- Live Nation Entertainment, Inc. (NYSE:LYV)
- Palantir Technologies Inc. (NYSE:PLTR)
- Skyworks Solutions, Inc. (NASDAQ:SWKS)
Friday (before the market opens)
The SPDR S&P 500 ETF Trust (NYSE:SPY), an exchange-traded fund that tracks the performance of the S&P 500 Index, ended Friday’s session down 0.45% at $410.68, according to Benzinga Pro data.
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