Weekly Market Commentary

Q4 EARNINGS PREVIEW: MIX OF SOLID GROWTH AND POLICY UNCERTAINTY

Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial

Earnings season is underway and, thanks to the banks, it’s off to a good start. Currently, consensus estimates are calling for a strong 12% year-over-year increase in S&P 500 earnings per share (EPS) for the fourth quarter of 2024. Steady economic growth should be enough for corporate America to beat these estimates, but upside will likely be limited due to several headwinds, including currency. Regulatory, trade, and immigration policies will be a major focus for analysts and investors in the weeks ahead, where this earnings season may bring more questions than answers. Policy developments will have a lot to do with whether Wall Street’s expectations for double-digit S&P 500 earnings growth in 2025 will be realized. With valuations high, corporate America needs to come through.

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