Investors look to upcoming earnings to keep stock rally going

With interest rate cuts on hold, Wall Street is banking on strong corporate earnings to sustain the 2024 stock market surge.

Analysts surveyed by FactSet anticipate S&P 500 companies to report an average 8.7% year-over-year earnings growth for the second quarter, marking the index’s fourth consecutive quarter of annual profit expansion.

Despite persistent inflation concerns delaying rate cuts, robust corporate earnings have propelled the S&P 500 to a remarkable 16% gain and multiple record highs this year.

Investors, initially expecting up to six or seven rate cuts, now foresee fewer, aligning with Federal Reserve Chair Jerome Powell’s recent remarks indicating a return to disinflationary trends but cautious about immediate rate adjustments, CNN has reported.

read more: https://www.cnn.com/2024/07/05/investing/premarket-stocks-trading-earnings-season/index.html

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