Earnings season continues this week with major reports from Big Tech companies, while shares of Humana and Procter & Gamble moved on their latest results. Analysts estimate that S&P 500 companies posted a 23.2% year-over-year earnings growth rate in the second quarter, according to FactSet data.
Estimated year-over-year earnings growth rate for the S&P 500 in Q2
If the estimate holds, it would mark the second consecutive quarter of earnings growth above 20% and the seventh straight quarter of double-digit growth. By comparison, the five-year average growth rate is 16.4% and the 10-year average is 10.3%.
Big Tech earnings are scheduled for Wednesday and Thursday, with reports from Microsoft, Meta Platforms, Apple, and Amazon.com. Chipotle, Starbucks, and Arm Holdings report on Wednesday. ExxonMobil and Chevron results come later in the week.
Last week, Alphabet and Tesla reported, sending the tech sector into a tailspin. Among individual movers, Humana is sinking after the insurer maintained its yearly profit guidance despite a strong second quarter. Procter & Gamble shares are falling after the company gave a conservative outlook for its current fiscal year and its latest quarterly results fell short of estimates.
Kering shares jumped after the luxury goods maker reported better-than-expected revenue at Gucci in the second quarter.