WFC - JPMorgan Citi Kick Off Big Bank Reporting Season As Expectations Remain Muted Amid Economic Headwinds: Q2 Earnings Preview | Benzinga
The second-quarter reporting season kicks off in earnest with earnings reports from the biggest banks, and it remains to be seen if these companies set a positive tempo and reignite the buying interest in the market.
Earnings Growth To Trail Broader Market: With the bulk of the S&P 500 companies reporting over the next two weeks belonging to the financial sector, their earnings could have a big impact on the market. Among the financial sectors, those operating in the insurance and capital markets industries are expected to contribute significantly to the year-over-year earnings growth of the sector, financial data analytics company FactSet said in its weekly earnings insight report.
The financial sector per se is expected to report 4.3% year-over-year earnings growth, lower than the 8.8% growth predicted for the S&P 500 companies as a group. Within the capital markets industry, the investment banking & brokerage business may have seen a 53% jump in earnings growth. Financial exchanges & data and asset management & custody banks may have seen 10% growth each.
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