Five of the “Magnificent 7“ companies, including $NVIDIA Corp(NVDA)$ , $Amazon.com(AMZN)$ , $Meta Platforms, Inc.(META)$ , $Alphabet(GOOG)$ , and $Microsoft(MSFT)$ , are expected to be top contributors to year-over-year earnings growth for the S&P 500 in Q1 2024.
These five companies are projected to collectively achieve a 64.3% year-over-year earnings growth for Q1 2024, significantly impacting the overall earnings growth of the S&P 500.
Excluding the five companies, the blended earnings decline for the remaining 495 companies in the S&P 500 would be -6.0% for Q1 2024.
The blended earnings growth rate for the entire S&P 500 for Q1 2024 is forecasted at 0.5%.
Three of the "Magnificent 7" companies, Meta Platforms, Microsoft, and Alphabet, are scheduled to report actual results for Q1.
Analysts predict that these top companies will continue to exhibit strong year-over-year earnings growth throughout 2024, with the other 495 companies in the S&P 500 also expected to see improving earnings growth by Q4 2024.
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