Mag 7 Earnings Growth on Track to Lag Rest of S&P in 3Q
Dow Jones11:05
Earnings per share growth from five of the "Magnificent 7" companies has so far lagged other names in the S&P 500 Index in the third quarter, per FactSet earnings analyst John Butters.
Nvidia and Apple have yet to report their most recent earnings, but the estimated blended earnings growth rate for the group of megacap tech stocks has fallen to 22.6% from 33.6% a month ago, Butters says. That compares with a 32.6% blended growth rate for the other 493 companies in the index, meaning Mag 7 earnings growth is on track to fall below the rest of the index for the first time since the fourth quarter of 2022.
Surveyed analysts expect the trend to hold in the fourth quarter this year.
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