Shares are poised to drop 0.8 per cent at the start of trade; Biden exit leaves markets asking what’s next for ‘Trump trade’; Alphabet and Tesla report this week. Follow here more.
Alphabet and Tesla are the first two of the magnificent seven to report this quarter, after the market closes on Tuesday . FactSet earnings analyst John Butters said at this early stage, the second quarter earnings season is off to a mixed start. “On the one hand, the percentage of S&P 500 companies reporting positive earnings surprises is above average levels. On the other hand, the magnitude of earnings surprises is below average levels.
” Looking ahead, analysts expect earnings growth rates of 7.4 per cent and 17.0 per cent for Q3 2024, and Q4 2024, respectively, Mr Butters said. For CY 2024, analysts are calling for earnings growth of 11.0 per cent. Mr Butters said the forward 12-month P/E ratio is 21.2, which is above the 5-year average and above the 10-year average . This P/E ratio is also above the forward P/E ratio of 21.0 recorded at the end of the second quarter .
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