Summary: Strong Q3 earnings for S&P 500 members, especially in tech sector, with expectations for continued growth.

From Nasdaq: 2024-10-31 10:48:00

Q3 earnings for the S&P 500 members are up +8.9% on +5.0% higher revenues, with 74.4% beating EPS estimates and 59.3% beating revenue estimates. Tech sector leads with +14.6% earnings growth. Magnificent 7 companies expected to see +20.1% earnings growth in Q3. Tesla and Alphabet impress with earnings growth.

Total S&P 500 earnings expected to be up +4.4% in Q3. Mag 7 companies to account for 21.7% of all S&P 500 earnings. Tech sector contributes to earnings growth. Market leadership role of Mag 7 stocks has been challenged. Earnings growth pace expected to improve in coming quarters. Alphabet’s AI capabilities drive growth.

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Read more at Nasdaq: Zacks Earnings Trends Highlights: Tesla, Alphabet and Microsoft