S&P 500 Companies Report Mixed Q3 Resultsđ€
Over in equities, according to GS data, over 32% of S&P 500 companies reported Q3 reports (49% in total), including 4 of the tech giants. While most companies had beat on sales on EPS as per previous quarters, profit guidance has been ratcheted down as management teams have lowered their outlooks on higher rates, weakening consumer trends, and an increasingly uncertain macro and political environment in 2024. Furthermore, as we alluded to, investor expectations have also risen accordingly compared to quarters past, and a simple earnings/sales beat is no longer enough to assure a strong stock price performance on the day.
#TechGiants #Earnings #ProfitGuidance #ConsumerTrends #MacroeconomicUncertainty
