Zacks Investment Research released its weekly earnings preview, projecting S&P 500 earnings will rise 24.6% in the third quarter from a year earlier, the index's eighth consecutive quarter of double-digit growth. Fifteen of the 16 Zacks sectors are on track for positive earnings growth, with six expected to post double-digit gains: Aerospace up 159.7%, Energy up 114.3%, Tech up 43.3%, Basic Materials up 29.5%, Transportation up 14.4% and Industrial Products up 13.2%, while the Conglomerates sector is the sole decliner at minus 31.3%. Within Tech, Nvidia's Q3 earnings are expected to climb 90% year over year on 91.2% higher revenues, Alphabet's are seen up 2.8%, and Micron's most recent release showed a 1075.7% earnings jump; excluding Nvidia, Micron and Alphabet, Tech sector earnings growth falls to 20.5%, and excluding the Energy sector, S&P 500 growth drops to 20.5% from 24.6%. Sixteen S&P 500 members have already reported results for their fiscal quarters ending in August, with total earnings up 188.3% on 31.7% higher revenues and 81.3% beating EPS estimates, though excluding Micron that growth falls to 11.7%. The big banks begin reporting October 13, and Constellation Brands, Delta Air Lines and Pepsi are due this week.
Alphabet Inc Class C
NVIDIA Corporation
PepsiCo Inc
Constellation Brands Inc Class A
Delta Air Lines Inc
Micron Technology Inc
Nike Inc