Earnings season: Wall St. expects first EPS decline in 3 years
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 3, 2019. REUTERS/Brendan McDermid
It’s that time of year again.
Earnings expectations for the third quarter, which unofficially kick off next week with reports from major banks like JPMorgan Chase ( JPM ), are looking grim.
Wall Street is expecting a 3% year-over-year decline in S&P 500 ( ^GSPC ) earnings per share.
“ If realized, 3Q would mark the first year/year decline in quarterly EPS since 2Q 2016 and since 2Q 2009 when the Energy sector is excluded,” wrote Goldman Sachs analysts, led by chief U.S. equity strategist David Kostin, in a note to clients.