With less than a week to go before earnings season kicks off in earnest with results from major U.S. banks, analysts estimate companies in the S&P 500 will report a 4.5% drop in profits from the year-earlier period, according to FactSet. That would mark the third straight quarter of contraction and the longest such streak since 2016—on the face of it, a troubling sign for the bull market.
Newsletter Sign-up Assuming a typical share of companies deliver better-than-expected results in the third quarter, Credit Suisse believes the S&P 500 will deliver earnings growth of 1.5%. That would make the third quarter the strongest yet in 2019. Among early reporters, Carnival Corp. and Darden Restaurants Inc. have both managed to beat analysts’ earnings estimates.
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