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Excerpt:
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S&P 500 EPS growth for Q1 2023 is set to come in at -6.8%, the lowest rate in nearly 3 years
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Themes from Q1 and for CY 2023: inflation, increasing interest rates, possibility of recession, banking crisis, softening employment
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The LERI shows corporate uncertainty increasing to a 2-year high
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First Republic and PacWest suggest bad news ahead on Q1 calls
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Peak weeks for Q1 season from April 24 - May 12
This Friday, April 14, marks the unofficial kick-off of Q1 2023 earnings season, and early estimates are pointing to a second consecutive quarterly drop in year-over-year S&P 500 EPS growth, otherwise known as an earnings recession. Currently S&P 500 earnings are expected to fall 6.8%¹ YoY, the largest decline since the depths of COVID lockdowns in Q2 2020.