Executive mentions of consumer softness and a cautious discretionary spending environment remain prevalent this earnings season, a continuation of the trend exhibited last quarter.
Peak earnings season shaped out to be a dynamic one, and today’s jobs data has added to investor concerns we identified in our most recent Q2’24 Inside The Buy-Side® Earnings Primer® publication. As a result, the S&P 500 saw its worst decline today since 2022, and the Fed-funds futures now sees a 71.5% chance of a 50 basis point cut in September.
Earnings across the sector have been mixed, with commentary reflecting a cautious tone due to more pronounced macro uncertainty and various idiosyncratic challenges.
This quarter, companies across sectors are feeling very similar trends: slowing top lines; customer decisions being pushed out; an anemic consumer; labor issues, including wage inflation, unionization, and inefficiency; and continued or emerging supply chain issues.
This earnings season, U.S. Banks are reporting largely solid results relative to Street expectations with most posting Q2 beats on the top- and bottom-line.
While overall U.S. Bank performances were largely in the black, executives refrained from declaring a definitive turnaround. Many injected a sense of caution in their macroeconomic commentaries, commensurate with our observations from our prior Commencing the Quarter Thought Leadership report. Still, increased confidence amid continued capital market strength and percolating M&A deal activity is notable.
Precipitous Decline in Industrial Investor Optimism amid Renewed Demand Concerns; Those Expecting Broad-Based Softness Doubles QoQ
Access webinar replay and materials: “The Big So What™ – Q2’24 Earnings Season,” presented by Corbin Advisors Founder and CEO Rebecca Corbin
During our webinar The Big So What® – Q2’24 Earnings Season our Founder & CEO, Rebecca Corbin provided an expert lens on what we’re hearing and seeing this earnings season and how that aligns with or differs from Wall Street sentiment, as well as share actionable insights and global market trends aimed at helping companies successfully navigate the current landscape.
Survey Finds Investors Trading Exuberance for More Neutral Stances amid Reemerging Recessionary Concerns and Turbulent Political Conditions Globally; 2H Spending and Growth a Key Focus
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