The Q2 earnings season kicks off this week, with nearly 70 companies, including 29 S&P 500 members, set to report results. Major banks like JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America are expected to lead the reporting cycle on Tuesday, July 11. Aggregate earnings for the Finance sector are projected to rise by 12.6% year-over-year, driven by a robust loan growth performance not seen in three years.
Q2 earnings estimates for the S&P 500 have increased by 23.8% relative to the same quarter last year, alongside an 11.3% rise in revenues. This marks a notable shift, with the Energy and Basic Materials sectors contributing significantly to upward revisions after strong geopolitical influences in early March. So far, results from 18 S&P 500 companies reporting as of July 10 show a 143.3% increase in earnings and 24.3% in revenues.
Key metrics for the major banks include forecasted EPS growth of 12.3% for Wells Fargo and increases of 11.3%, 27%, and 38.8% for JPMorgan, Bank of America, and Citigroup, respectively. As the season progresses, expectations remain high amidst concerns that some companies may not meet elevated targets.
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