We’re thirteen days into the fourth quarter, but today was the first real day of earnings reports as a number of major banks and other firms in the S&P 500 reported Q3 earnings. As shown in the table below, of the seven S&P 500 companies that reported today, five topped EPS forecasts, and six out of seven reported better than expected revenues. The only disappointment relative to expectations was Delta (DAL) which missed both the top and bottom line. While the results have been positive relative to expectations, investors have mostly been selling the news. Of the seven companies that reported today, six are down on the day, and all of them are down at least 1.5%. All in all, the median performance of the seven stocks shown is a decline of 2.22%…not exactly a sign of upside surprise from the market.
What can we expect to see from the market as earnings season progresses? Make sure to check our quarterly preview of the upcoming earnings season for a look at how analyst sentiment tends to impact market performance during earnings season. For anyone with more than a passing interest in what to expect from the market during earnings season, make sure you check out this report. To see it, sign up for a monthly Bespoke Premium membership now!