Later in the week, Netflix (NFLX), Johnson & Johnson (JNJ), ASML Holdings (ASML), and PepsiCo (PEP) also feature on the corporate update schedule.
Despite risks surrounding the Iran war, artificial intelligence, and delayed Fed rate cuts, Wall Street analysts have remained optimistic about earnings growth, the stock market’s primary driver over the long term. According to FactSet’s John Butters, analysts expect the S&P 500 (^GSPC) to report its sixth consecutive quarter of double-digit earnings growth.
Analysts are expecting the S&P 500 to report double-digit earnings growth for the sixth straight quarter. (Chart: FactSet) · FactSet
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Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.
But the stock dropped 3% in premarket trading as intermediation revenue for fixed income, currencies, and commodities fell short of expectations.
Shares of Fastenal Company (FAST) declined 4% in premarket trading as the maker of industrial fasteners, construction bolts, and custom parts reported growing margin pressure.
The company, which is viewed as a bellwether of the industrial economy, posted earnings that were in line with Wall Street’s expectations.
Goldman Sachs (GS) is kicking off a week of earnings for Wall Street’s biggest banks on Monday, with reports from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), Bank of America (BAC), and Morgan Stanley (MS) following on Tuesday and Wednesday.
A growing list of concerns will put their ability to churn out profits to the test. My colleague David Hollerith previews what to expect from their corporate updates this week:
Wall Street analysts are coming into the first quarter earnings season with a dose of optimism.
According to FactSet’s John Butters, the S&P 500 (^GSPC) is expected to report double-digit earnings growth for the sixth quarter in a row. Analysts have upwardly revised their estimates, expecting year-over-year earnings growth of 13.2% for the index.
Still, the quarter brought a series of external events that have altered the business environment and are likely to be discussed on earnings calls:
The big Wall Street banks report quarterly results this week, marking the unofficial start of the Q1 earnings season.
We’ll also be keeping a close eye on a report from streaming giant Netflix (NFLX) as well as results for pharmaceutical maker Johnson & Johnson (JNJ), chip equipment manufacturer ASML Holding N.V. (ASML), and PepsiCo (PEP) later in the week.
