See It Market: As Q1 2023 Earnings Season Ends, Corporate Uncertainty Remains High
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- With 95% of S&P 500 companies having reported, Q1 2023 earnings season closes with a final growth rate of -2.2%, officially indicating an earnings recession
- The post-peak LERI shows corporate uncertainty rose to the highest level in 3 quarters
- Potential earnings surprise this week: New Relic (NEWR)
- Retailers and tech names take us out this week: LOW, NVDA, KSS, ULTA, PANW
- Earnings season winds down, 583 companies expected to report this week
In one of the last heavy weeks for Q1 2023 earnings season, retailers gave investors a better read on the state of the US consumer. Results were a mixed bag, with Walmart emerging as a clear winner last week and Home Depot as a laggard. With 95% of companies having reported at this point, the S&P 500 EPS growth rate for the season ends at -2.2%, officially marking an earnings recession as there have been two consecutive quarters of negative growth.