With less than one month left in the fourth quarter, Wall Street now expects company earnings to recede year-over-year for the first time since early in the COVID-19 pandemic.
With less than one month left in the fourth quarter, Wall Street is getting more pessimistic on company earnings for the all-important holiday season, and now expects earnings to recede year-over-year for the first time since early in the COVID-19 pandemic.
Wall Street expects a 2.4% decrease in fourth-quarter earnings for S&P 500 companies, but gains of 5.2% for the year overall, Butters said. But analysts are currently more upbeat on 2023, with expectations for 5.6% growth, as businesses get by on sturdy consumer demand and price increases. This week in earnings Against that backdrop, some companies this week will report earnings that include early results from the holiday season. Warehouse-retail giant Coscto Wholesale Corp. COST, -1.19% will provide numbers for a quarter that includes November, when sales growth slowed despite the key Black Friday shopping holiday.
Investors will also get further diagnosis on the stalling housing market when home builder Toll Brothers Inc. TOL, -2.15% reports on Tuesday. RV-maker Thor Industries Inc. THO, -5.96% reports on Wednesday, after noting a “softening” in some demand in September, following a pandemic-era boom in outdoor activity. Pet-products e-commerce site Chewy Inc. CHWY, -3.58% reports on Thursday, posing another test to what its chief executive in September called a “recession-resistant” business.
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