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Leading U.S. companies are having their best patch in two years, says data provider

Stacks of money growing high above the U.S. skyline

According to data reported FactSet, the U.S. companies in the S&P 500 are performing well above projected targets.

The report, published this week by FactSet, provides a comprehensive overview of the performance of almost all the companies in the S&P 500. Their quarterly report paints a promising picture, indicating a bright future for the U.S. business and investment sphere.

FactSet report shows positive signs

The report considers the 10-year average of S&P 500 company performance, and this most recent incarnation shows high and unexpectedly positive earnings.

“Overall, 80% of the companies in the S&P 500 have reported actual results for Q1 2024 to date. Of these companies, 77% have reported actual EPS above estimates, which is equal to the 5-year average of 77% but above the 10-year average of 74%,” the report shows.

The Health Care and Consumer Discretionary sectors led the last week of reporting positives. Overall, the Communication Services, Financials, Industrials, Consumer Discretionary, and Information Technology sectors show vital signs of earnings and growth.

This growth rate of 5.0% could lead to the “highest year-over-year earnings growth rate reported by the index since Q2 2022 (5.8%).”

FactSet did report that three sectors—the energy, health care, and materials sectors — are recording a year-over-year decline in earnings.

56 S&P 500 companies are due to report their first-quarter results this week. This would equate to one-tenth of the companies who report in overall, but it would be the second to last set of companies needed to put the complete picture together for all S&P 500 companies.

As reported last week, Wall Street performed strongly ahead of an upcoming Jobs Report, banishing fears of a rate hike from the Federal Reserve.

The Jobs Report also gave the economy a much-needed lift. The Fed hopes to bring inflation down to 2%, so the rate sitting above 3% has cautioned the men in the decision-making corridors of power to hold off on any rate cuts. Still, employment was better than in the previous two years, outpacing pre-pandemic levels.

Image: Ideogram.


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