Earnings Watch: Netflix, Tesla results due amid growth concerns
Wall Street spent much of this year getting more tepid on third-quarter corporate profits, with expectations for subdued growth giving way to expectations for a slight decline.
The index collectively, so far, was putting up a third-quarter earnings growth rate of 0.4% — compared to estimates on Oct. 6 for a 0.3% decline. Most companies, he said, tend to turn in earnings results that beat estimates. More broadly, the quarter will be a look at how customers are faring amid still-high prices, an approaching holiday season and borrowing costs that could stay higher for longer. Recession pessimism has shown signs of easing. But Citigroup Inc.’s chief financial officer, Mark Mason, said on Friday that the bank expected a soft economic landing with a “mild recession” in the first half of 2024. However, he said such an outcome was “hard to call,” amid a strong job market.
More airlines, like United Airlines Holdings Inc. UAL, -2.76% and American Airlines Group Inc. AAL, -2.82%, will also report, providing more detail on whether revenge travel still has any life left. Earnings are also due from Johnson & Johnson JNJ, +0.33% and AT&T Inc. T, -0.62%.
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