April 22, 2024

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Complete Australian News World

Stock Market Today: Live Updates

Stock Market Today: Live Updates

3 hours ago

Congress remains divided over budget negotiations

Congress remains in a stalemate over the federal budget as GOP hardliners refuse to budge on further spending cuts.

Current spending laws are set to expire on September 30. This means that if Congress does not reach an agreement before 12:01 a.m. on October 1, the government will shut down. House Republicans on Thursday recessed the chamber, delaying further developments in the negotiations.

— Yun Li, Rebecca Picciotto

3 hours ago

FactSet says third-quarter earnings for the S&P 500 are improving

Earnings for S&P 500 companies are expected to fall 0.2% and decline for the fourth straight quarter, but the outlook is improving, according to FactSet senior earnings analyst John Butters.

The 0.2% decline for the entire index is better than the 0.4% decline that was expected on June 30, and would prove to be the smallest of the four-quarter slide. Meanwhile, FactSet said the 0.2% decline in third-quarter single stock earnings estimates since the end of the second quarter is well below the five-year average decline of -3.6% and the 10-year average of -3.4%.

Eight of the 11 major sectors in the S&P 500 are expected to post higher third-quarter earnings year over year, led by telecommunications services and consumer discretionary companies. Three of them are expected to see a decline in profits, led by energy and materials.

Earnings are expected to continue improving, with S&P 500 fourth-quarter earnings expanding 8.2% from a year ago, and 12.2% in all of 2024, up from just 1.1% in calendar 2023, Butters said Friday.

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-Scott Schnepper