LIVE MARKETS-Estimated profit growth for US financials moves up sharply
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ESTIMATED PROFIT GROWTH FOR US FINANCIALS MOVES UP SHARPLY
The forecast for S&P 500 financial sector .SPSY quarterly earnings is up sharply from last Friday, with a slew of big name U.S. banks including Goldman Sachs GS.N reporting upbeat results earlier Wednesday and marking the unofficial start of the fourth-quarter U.S. reporting period.
Earnings from the financial sector are now estimated to have increased 24.5% year-over-year for the fourth quarter of 2024, up from a forecast last Friday of 18% growth for financials, according to LSEG data.
That puts the financial sector's estimated growth above the rest of the S&P 500 major sectors, according to LSEG data.
Estimated growth for the final 2024 quarter in communication services .SPLRCL is now in second place, with the sector's earnings expected to have increased 22.6% year-over-year, the data showed.
Among Wednesday's results, Goldman Sachs beat Wall Street estimates and earned its biggest quarterly profit in more than three years as its investment bankers brought in more deal fees.
To be sure, just 28 of the S&P 500 companies have reported results so far for the season, and the numbers are likely to change further as the season progresses.
S&P 500 earnings overall now are expected to have increased 10.4% year-over-year. That's up from Friday's forecast for 9.5% growth, based on LSEG data.
(Caroline Valetkevitch)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
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