In a turbulent start to the week, major US stock indexes initially faltered but found some reprieve after Friday’s positive jobs report. However, the day concluded with overall losses. The Dow Jones Industrial Average saw its weekly figures dip by approximately 1%, while both the S&P 500 and the NASDAQ experienced more substantial weekly declines, surpassing 2%.
The landscape of Q2 2023 earnings reporting in the S&P 500 has been unveiled, with an impressive 84% of companies having already disclosed their results. Analysis of these releases as of Friday indicates that 79% of these firms exceeded net income projections, outpacing the five-year average of 77%, as reported by FactSet.
Despite these promising figures, a broader perspective reveals that earnings are poised to contract by approximately 5.7% in comparison to the previous year. This would mark the most substantial earnings setback registered by the index since the third quarter of 2020.
Reviewing the US Stock Markets, the Nasdaq Composite, recorded a decent loss of 265 points, reaching a closing value of 13,644 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, adding 55 points to settle at 4,464 points. Meanwhile, DJIA Index experienced a notable surge, adding by 216 points during the week and concluding at 35,281 points after a week of gains.
In contrast, Russell 3000 Index saw a gain in week performance, with a loss of 12 points to reach 2,566 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable drop of 32 points, ending the week at a steady 1,925 points.
