America’s third-quarter earnings season kicks off this week with 7 S&P 500 companies reporting, led by a trio of giant banks in the shape of JPMorgan, Wells Fargo and Citigroup on Friday.
Drugstore and pharmacy chain Walgreens airline major, Delta, and clothing group, Levi Strauss are also due to report results. Delta has already warned of the impact of higher fuel prices.
For the third quarter, analyst estimate earnings growth of 19.3% and revenue growth of 6.9% for the S&P 500, according to FactSet, the US financial data group.
Financials are expected to report earnings growth of 34.3% but are the only major sector on the benchmark index expected to report a drop in revenues, though it will be only around 1.4% or so.
Energy is expected to post the biggest jump in top and bottom line growth on the back of higher oil prices in the quarter and easier year-on-year comparisons with the same period in 2017.
As usual, it will be the results of tech megas, Apple, Google, Amazon, Netflix, Alphabet (Apple) and Microsoft that determine how well the market performs in the next six weeks. Netflix kicks off these companies with its third-quarter results tomorrow (Tuesday) week.
