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Key things to watch: Q2 2024 earnings season

As Q2 2024 earnings season approaches, the S&P 500 is poised for its strongest performance in two years, with projected 8.8% earnings growth and 4.6% revenue growth.

S&P 500 Source: Adobe images
Indices Shares S&P Global Ratings S&P 500 Revenue
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

​​​Earnings growth to hit two-year high?

The S&P 500 is expected to report an 8.8% year-over-year (YoY) earnings growth for Quarter 2 (Q2) 2024, potentially marking the highest rate since Quarter 1 (Q1) 2022. This could be the fourth consecutive quarter of YoY earnings growth, signaling a continued recovery trend.

Key highlights

  1. Eight of eleven sectors are projected to report YoY growth
  2. Materials sector is predicted to show the largest YoY decline
  3. Leading sectors with double-digit growth: Communication Services, Health Care, Information Technology and Energy.

​Revenue to grow 4.6%

The S&P 500 is expected to report a 4.6% YoY revenue growth, potentially marking the 15th consecutive quarter of revenue growth.

Revenue highlights

  1. Leading sectors in revenue growth: Information Technology and Energy
  2. Declining sector: Materials

​Negative EPS guidance dominates

​60% of S&P 500 companies have issued negative earnings per share (EPS) guidance for Q2 2024, which is above the 5-year average but below the 10-year average. Monitor any shifts in this trend as more companies report their results.

Key points

  1. Analysts have slightly lowered earnings estimates for Q2 2024 from 9.0% to the current 8.8% growth projection.
  2. Watch for further revisions as the earnings season progresses.

​Future projections

  1. Q3 2024: Earnings growth rate forecasted at 8.2%
  2. 2024: Earnings growth rate forecasted at 17.6%
  3. Full year 2024: Expected growth at 11.3%
  4. 2025: Expected growth at 14.4%.

These projections may be adjusted based on Q2 results.

​Double-digit growth potential

​If current projections hold, 2024 and 2025 could mark the third time in 15 years that the S&P 500 reports two consecutive years of double-digit earnings growth.

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European Central Bank meeting

Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement.

  • How might the next meeting affect the markets?
  • What are the key rate decisions to watch?
  • Why is the Governing Council announcement important for traders?
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