Market Update: August 2024

Featured Market Data

Strong Start to Second Quarter Earnings Season

With over half of S&P 500 companies reporting second quarter earnings by the end of July, the blended year-over-year earnings growth rate was 10.2%. This is ahead of the 8.9% expected growth rate at the end of June. More than 78% of companies reporting earnings have beat estimates and these companies have, on average, beat earnings forecasts by approximately 4%. This positive start to earnings season aligns with our view at PMA that U.S. corporations are financially strong and poised to continue reporting healthy earnings growth, helping to drive continued stock price gains.

Source: FactSet, PMA Asset Management

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