From Nasdaq:

The upcoming March-quarter reporting cycle is nearing with early results from Oracle and Adobe offering insights. Recent reports from Nike and Lululemon saw a market slump due to weak guidance. Consumer spending is shifting towards experiential categories from goods like those offered by Nike and Lulu. Earnings projections for 2024 Q1 show a modest growth of 2.4% from the previous year.

Tech sector earnings are predicted to grow by 19.5% in 2024 Q1, a marked improvement after a period of post-COVID adjustment. Tech remains the largest earnings contributor to the S&P 500 index and is expected to positively impact the aggregate growth picture. Q1 earnings for the rest of the index are down -3.2% without the Tech sector’s contribution.

Amidst the continuing cyclical and macroeconomic factors affecting consumer spending, the Q1 earnings season has shown a positive trend. February-quarter results from 13 S&P 500 members have revealed a solid 43.3% earnings growth. Early indicators demonstrate 76.9% of companies beating EPS estimates, showing a strong start to the 2024 Q1 earnings season.



Read more at Nasdaq:: Looking Ahead to Q1 Earnings