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What to watch this US earnings season?

US earnings season

As US markets battle rising rates, falling bonds, and tumbling equity markets, you could be forgiven for thinking there are minimal trading opportunities in a bear market. 

But as the economic downturn impacts quarterly profits and forward guidance, there’s still potential to tame the bear and pick up heavily discounted stocks this US earnings season. Unpack all the possibilities this US earnings season with the help of our expert market analysts.

Is the glass half full?

“This US earnings season may be the time to pick up heavily discounted big tech as slow hiring and downsizing workforces can contribute to positive profit margins.”
- Tina Teng, Markets Analyst.

Don’t miss exclusive insights from our market analysts this US earnings season. They’ll preview earnings for mega-cap companies including Apple, Tesla, and Meta to see who’s weathered the storm best, and what to expect from economic clouds ahead.

Key reporting dates:

14 July – JPMorgan Chase and Morgan Stanley

The US Q2 earnings season kicks off this week with the major banks. Both JP Morgan Chase and Morgan Stanley will report their respective earnings results before the US market opens on Thursday 14 July. The share prices of these big US banks fell about 30% from their January highs on average due to a sharp decline in investment banking revenue. However, rising interest rates in the first half may provide some positives to the profit margins of lending businesses, which could still sustain overall revenue growth. Read more

15 July – Wells Fargo (Technical Analysis - major downtrend may have reached an inflection zone for a potential corrective rebound) Read more 

19 July – Netflix

Rebound or plunge? How will Netflix steer the tone for tech stocks in the current Q2 US earnings season? Well, since the beaten-up growth sectors have been trying to flip their respective downtrend moves at the start of the second half, investors may rather see the bright sides than the downsides. As for Netflix, a slowdown in its net additions of subscribers has whacked its share price by -69% year-to-date. Now that the live streamer is set to join the $160 billion global video advertising market, analysts’ matrix to value the stock may need to be altered too. Read more

20 July – Tesla

Tesla has always been deemed a superstar for its meteoric growth, in line with its CEO Elon Musk’s high-key profile on social media platforms such as Twitter. There is a lot for investors to digest regarding Tesla’s stock performance from a drop in delivery numbers in the second quarter to the Twitter acquisition deal which is now in a legal battleground. To make a long story short, can Tesla’s second-quarter earnings beat expectations? Read more

22 July – American Express (Technical Analysis - medium-term momentum has turned bullish for American Express). Read more

26 July - Alphabet, Microsoft

Microsoft and Google’s parent company Alphabet will report their previous quarter earnings on Tuesday, 27 July after the US closing bell. After Snapchat spooked the US stock market with its disappointing earnings result and guidance last Friday, market participants will shift their attention to focus on the major tech companies’ earnings results (Microsoft, Alphabet, Meta Platforms, Apple & Amazon) that are released this week. Read more

27 July – Meta Platforms

Facebook parent, Meta Platforms Inc., is set to report the second-quarter earnings on Thursday after the US closing bell. The world largest social media platform’s market value hit $ 1 trillion in November last year, but its share price has been halved year to date due to poor performance amid economic headwinds. After Snapchat’s share price spooky drop last Friday, a softened advertising demand environment and TikTok’s competition threat could have a similar negative impact on Meta’s earnings. However, its low earnings multiple of 13X may provide an opportunity for long-term investors. Read more

28 July – Apple, Amazon

Both Apple and Amazon’s earnings reports are due for release after the US closing bell on Friday (Asia Pacific time), which will be the last set of earnings reporting from the mega-cap tech firms for the second quarter. Apple has posted the strongest performance among the US big tech companies, with a 17% drop year-to-date, while Amazon shed -32% during the same period. While a slowdown in their growth cannot be avoided under a bleak macroeconomic backdrop, these tech giants’ future guidance will have a more significant impact on their respective share price performances, with possible positive outlook announcements for both companies. Read more

3 Aug – Moderna (Technical Analysis - potential corrective rebound in progress for Moderna). Read more

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