S&P 500: Q3 Earnings Takes-Off This Week!
16 Oktober 2023 - 3:07PM
Finscreener.org
The upcoming week is set to be
one of the most eventful as earnings season takes off, with a slew
of reports expected from some of the world’s leading companies. The week will start
with financial sector reports from giants like
Charles Schwab (NYSE:
SCHW), Bank of America
(NYSE:
BAC),
Goldman Sachs (NYSE:
GS), and
Morgan Stanley (NYSE: MS).
Additionally,
Johnson & Johnson (NYSE:
JNJ) and
Lockheed Martin (NYSE:
LMT) are slated to unveil their results on Tuesday.
Midweek updates will come from Tesla
(NASDAQ: TSLA), Procter & Gamble
(NYSE:
PG), and Netflix
(NASDAQ: NFLX)
on Wednesday, while AT&T
(NYSE: T)
and TSMC (NYSE:
TSM) will disclose their performance on Thursday.
The week will wrap up with American Express
(NYSE:
AXP) announcing its
earnings on Friday.
JP Morgan sounds the alarm
bells
JPMorgan Chase (NYSE:
JPM) posted impressive
profits for the third quarter. Still, it came with a
cautionary message
from CEO Jamie Dimon about the
multitude of threats the globe is currently grappling
with.
In a statement released alongside
the bank’s earnings report, Dimon described the current period as
potentially “the most dangerous time the world has seen in
decades.” The prominent executive highlighted the ongoing conflict
in Ukraine and the recent attacks by Hamas on Israel, underscoring
the potential ripple effects these could have on energy and food
markets, global trade, and international relations.
Moreover, Dimon expressed concern
over the soaring national debt and unprecedented peacetime fiscal
deficits, factors that are exacerbating the risk of persistent
inflation and high interest rates.
He also touched upon the Federal
Reserve’s initiative to downsize its bond portfolio through a
process known as quantitative tightening. Dimon warned that this
move is draining liquidity from the system at a juncture when
regulations are already constraining market-making
capabilities.
The CEO has been vocal about
alerting clients to the prospect of not just sustained, but
potentially sharply escalating interest rates.
“We are optimistic but also
prepared for various scenarios, ensuring the firm’s ability to
consistently serve our clients regardless of the prevailing
circumstances,” Dimon stated.
For the third quarter of 2023,
JPMorgan Chase recorded a profit of $13.15 billion, or $4.33 per
share, marking a 35% increase from the previous year. However,
Dimon was quick to temper enthusiasm, noting that this robust
performance was buoyed by factors impacting net interest income and
credit costs, and such favorable conditions might not be
sustainable.
Consumer spending and housing
market
In addition to corporate
earnings, attention will be turned to the U.S. retail sector. The
U.S. Census Bureau is set to release its latest findings on
national retail sales on Tuesday, offering insights into consumer
spending trends. Despite the challenges of high inflation and
escalating interest rates, retail sales have demonstrated
resilience, marking five consecutive months of
growth.
The sustained willingness of
consumers to spend, a critical component contributing over
two-thirds to the U.S. GDP, has been instrumental in steering the
country clear of a recession.
Further, updates on the housing
market are on the horizon. The National Association of Home
Builders (NAHB) is anticipated to release its Housing Market Index
(HMI) for October on Tuesday, providing insights into the mood
amongst homebuilding industry executives. Following this, housing
starts and building permits data, which serve as indicators of new
home construction activity, are expected on Wednesday.
The week will conclude with the
unveiling of existing home sales data for September on Thursday.
Each piece of data will offer valuable insights into the ongoing
dynamics of the housing market.
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