Q1 earnings season kicks off with bank results as macro pressures mount

The first quarter earnings season is kicking off at an uncertain time for markets.

Goldman Sachs (GS) marshals a parade of bank and asset manager earnings this week, including from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), BlackRock (BLK), Bank of America (BAC), and Morgan Stanley (MS).

Later in the week, Netflix (NFLX), Johnson & Johnson (JNJ), ASML Holdings (ASML), and PepsiCo (PEP) also feature on the corporate update schedule.

Despite risks surrounding the Iran war, artificial intelligence, and delayed Fed rate cuts, Wall Street analysts have remained optimistic about earnings growth, the stock market’s primary driver over the long term. According to FactSet’s John Butters, analysts expect the S&P 500 (^GSPC) to report its sixth consecutive quarter of double-digit earnings growth.

Analysts are expecting the S&P 500 to report double-digit earnings growth for the sixth straight quarter. (Chart: FactSet) · FactSet

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4 themes to watch as first quarter earnings begin to roll in

Wall Street analysts are coming into the first quarter earnings season with a dose of optimism.

According to FactSet’s John Butters, the S&P 500 (^GSPC) is expected to report double-digit earnings growth for the sixth quarter in a row. Analysts have upwardly revised their estimates, expecting year-over-year earnings growth of 13.2% for the index.

Still, the quarter brought a series of external events that have altered the business environment and are likely to be discussed on earnings calls:
Q1 earnings season to start with Wall Street banks, Netflix, ASML, and PepsiCo

The big Wall Street banks report quarterly results this week, marking the unofficial start of the Q1 earnings season.

We’ll also be keeping a close eye on a report from streaming giant Netflix (NFLX) as well as results for pharmaceutical maker Johnson & Johnson (JNJ), chip equipment manufacturer ASML Holding N.V. (ASML), and PepsiCo (PEP) later in the week.

Here’s this week’s lineup at a glance:

Read more about the week ahead for stocks and economic data.