Earnings recession risk increases as a flood of warnings hit:
The S&P 500 looks set to suffer its first earnings recession in three years, as the number of companies cutting guidance is among the highest seen in the past 13 years.
Adding to the negative outlook, 113 S&P 500 companies have issued EPS guidance as the second quarter ended, with 87 companies, or 77% of that total, providing guidance that was below the average estimate of analysts. That is well above the five-year average of 74 companies that warn of earnings misses, and the second most since FactSet began tracking data in 2006.
The last time the S&P 500 suffered an earnings recession was the second quarter of 2016, when earnings declined for four straight quarters.Among sectors, materials is set to be the worst earnings performer, with the blended growth estimate currently showing a negative 16.84%, FactSet said. The sector expected to grow EPS the most is health care, but the blended estimate is currently just 2.12%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rumors of a recession are greatly exaggerated, say JP Morgan and HSBC economistsFears of an impending global recession have been overblown, both J.P. Morgan and HSBC Asset Management have projected in half-year outlook reports.
Read more »
European earnings seen rising 1.8% in second-quarter: RefinitivCompanies listed on the pan-European STOXX 600 index are expected to re...
Read more »
CDC warns against increased parasite outbreaks in pools, water playgroundsThe number of summertime parasitic outbreaks have been increasing steadily every year since 2009, according to the Centers for Disease Control and Prevention.
Read more »
Wet Weather And Flooding Continues To Impact AgricultureThe impact of the spring’s wet weather and flooding continue to be present in the U.S. agricultural industry. In the USDA’s most recent report, released last week, reported a corn planting estimate of 91.7 million acres and a lower-than-expected soybean planting estimate of 80.0 million acres.
Read more »
FTC reports a sharp increase in phone scams from criminals impersonating IRS, Social SecurityComplaints about scams in which callers pretend to be from Social Security, the IRS or other government agencies have reached an all-time high, according to new Federal Trade Commission data reviewed by CNN
Read more »