The third quarter earnings season gained momentum on Tuesday as major banks on Wall Street released their financial results.
Analysts project that S&P 500 companies will showcase a 7.9% increase in earnings per share for the third quarter, according to FactSet data. If this prediction holds, it would signify the ninth consecutive quarter of earnings growth, albeit at a slower pace compared to the 12% growth observed in Q2 of this year.
On Tuesday, major financial institutions tested these forecasts with earnings reports from JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), and BlackRock (BLK). This initial batch of results preceded reports from Bank of America (BAC), Morgan Stanley (MS), PNC (PNC), Synchrony Financial (SYF), and Citizens Financial Group (CFG) on Wednesday.
Earnings from Charles Schwab (SCHW), BNY Mellon (BK), and U.S. Bancorp (USB) rounded out the financial sector on Thursday. Additionally, Taiwan Semiconductor Manufacturing Company (TSM), the leading global chipmaker, provided a much-anticipated update on its business and chip demand.
This week’s earnings calendar also features updates from United Airlines (UAL), Fastenal (FAST), Johnson & Johnson (JNJ), Domino’s (DPZ), Albertsons (ACI), Progressive (PGR), Abbott Laboratories (ABT), Prologis (PLD), Marsh & McLennan (MMC), Infosys (INFY), CSX (CSX), American Express (AXP), Truist (TFC), State Street (STT), and Ally Financial (ALLY).
Stay tuned for the latest updates from corporate America, as earnings season unfolds.