First-Quarter Earnings Season Scorecard: 4 Mins Ago

The first-quarter earnings season is coming to a close, with the majority of S&P 500 companies having reported their results. According to data from LSEG, 77% of companies have exceeded earnings expectations, while 61% have surpassed revenue estimates. Overall, companies are on track to report 6.9% earnings growth year over year and 3.6% revenue growth.

Communications technology is expected to see the most significant quarterly earnings growth at nearly 44% year over year. However, earnings for the health care and energy sectors are expected to decline by more than 24% each from a year ago.

In other news, BMO Capital Markets chief investment strategist Brian Belski believes that the market correction is not yet over. He anticipates that there is still more room for the correction to continue, as central bankers are not expected to cut interest rates in the near future. Belski does not foresee a rate cut in 2024, and if it does happen, he believes it will occur after the U.S. presidential election later this year.

Meanwhile, Qualcomm shares rallied 8% on Thursday after the chipmaker reported strong quarterly results and provided upbeat guidance for the current quarter. The company’s adjusted earnings of $2.44 per share topped analysts’ estimates, and revenue also exceeded expectations.

Overall, the stock market has seen a mix of positive and negative movements, with some sectors outperforming while others underperform. It will be interesting to see how these trends continue in the coming weeks.