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Major U.S. banks are set to kick off the third-quarter earnings season in earnest on Friday, amid anxiety about the impact of inflationary pressures, rising interest rates and geopolitical uncertainties on their profit.
Earnings for S&P 500 companies have now been estimated to rise 4.1% for the latest three months, down from an increase of 11.1% expected at the beginning of July, as more analysts price in a downturn next year, according to Refinitiv data.
"We're rolling into earnings season now, so there's some concern about continuation of softness as seen in the second quarter," said Jonathan Waite, Co-Fund Manager and Senior Research Analyst at Frost Investment Advisors.
Excerpted from Nasdaq.com and Reuters on Oct. 10, 2022. To read full article, click here.
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