Earnings beats are now the norm. What the stock market needs to keep rallying
What happened
- FactSet forecasts nearly 30% year-over-year third-quarter S&P 500 profit growth, up from around 27% three months ago.
- Technology profit growth is expected at 65%, driven by upward revisions for Nvidia, Micron Technology and Dell Technologies.
- Bank earnings will test loan growth, balance sheets, M&A activity and the IPO pipeline as higher rates pressure financials.
Why it matters
For markets and corporate-finance professionals, strong earnings may no longer be sufficient to extend the rally as valuation, narrow breadth, higher rates and forward guidance become more important. Bank results and technology commentary will provide near-term signals on credit conditions, M&A, IPO activity and AI-related demand.
What to watch. Watch JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo earnings Tuesday, followed by Taiwan Semiconductor Manufacturing Company results Thursday; investors will focus on bank outlooks and technology guidance for 2027.
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