DD - Apple AMD Palantir Earnings On Deck This Week As Market Seeks Positive Catalysts In Fed Decision Week | Benzinga
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 ...