Oppenheimer Asset Management presented data showing that S&P 500 firms delivered more than 5% profit growth, on average, in quarterly reports released in the last several weeks, led by growth in areas like communication services and consumer discretionary.
“With 93% (466 firms) of the companies in the S&P 500 index having reported Q1 results, earnings are exceeding expectations. Profits are up 5.3% overall on the back of 3.7% revenue growth,” the investment firm stated on Monday.
The financial institution went on to state that eight of the 11 S&P sectors have shown positive earnings growth, with six segments advancing up double-digit rates.
According to Oppenheimer Asset Management, these include communication services +41%, consumer discretionary +32%, utilities +31%, information technology +12%, financials +11% and real estate +11%.
Here is a chart provided by Oppenheimer:
Strong earnings figures have also provided support for the benchmark averages (SP500) (COMP:IND) (DJI) as they pushed up to new recent highs. Specifically, the Dow Jones ended Friday’s session at a record level of 40,003.59.
See how the above-mentioned sectors are trading over the course of 2024:
