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        S&P 500 earnings are rising, but do take a second look

        Moomoo News US wrote a column · 08/23/2022 23:49
        S&P 500 index company earnings for the second quarter came out better than expected overall. Still, it's debatable whether overall results were actually good, given that year-over-year growth was subject to the strength of a single sector — energy.
        With 479, or 95.2%, of $S&P 500 Index(.SPX.US)$ companies reporting results for the latest quarter as of last Friday morning, aggregate blended year-over-year EPS growth, which includes reported results and estimates of results yet to be reported, was 6.3%, according to FactSet, down from nearly 7% growth earlier in the month but up from 5.4% at the end of the first quarter.
        Source: Bloomberg
        Source: Bloomberg
        The lagging retailers
        The overall EPS growth also slightly slowed as retailers reported an overall profit decline last week, even as revenue rose. Still, blended EPS growth was negative 8.2% for the consumer discretionary sector and negative 0.1% for the consumer staples sector, according to Bloomberg.
        Despite the weakness, excluding energy, it's fair to say that overall results were better than expected, or at least much better than feared. Of the companies that reported, 77.8% beat consensus analyst expectations, according to Refinitiv, compared with a beat rate of 66% in a typical quarter since 1994.
        Future estimates
        Source: Bloomberg
        Source: Bloomberg
        For the third quarter, aggregate S&P 500 EPS is expected to rise 4.3%, and well below growth expectations as of March 31, while the growth estimate fell to 9.65% this month for 2022, according to Bloomberg.
        Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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