Key Earnings Trends for Q3 2024
As of early October 2024, overall earnings for the S&P 500 are projected to grow by 3.9% year-over-year, a decline from initial projections of 6.9% at the start of July. Tech sector earnings are expected to grow by 11.2%, marking the fifth consecutive quarter of double-digit growth. In contrast, earnings for major banks—including JPMorgan, Bank of America, and Wells Fargo—are anticipated to drop, with JPMorgan estimated to report earnings of $4.06 per share on revenues of $41.25 billion, representing a year-over-year decline of 6.2% in earnings but a rise of 3.4% in revenues.
Notably, revisions to earnings estimates have predominantly been downward across various sectors, with 14 out of 16 Zacks sectors seeing cutbacks. The financial sector is particularly affected, with total earnings for major banks expected to decrease by 16.5% from last year, despite a marginal 0.8% increase in revenues. The earnings season officially begins with JPMorgan’s report scheduled for October 11, 2024.
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