Main U.S. indexes off lows, but still down at least 1% each
Financials weakest S&P sector; Energy up the most
Dollar, gold rally; bitcoin up ~3%; crude surges >3%
U.S. 10-Year Treasury yield rises to ~4.76%
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MAG 7 TO ACCOUNT FOR LESS OF PROFIT GROWTH PIE IN '25 VS '24
The Magnificent 7 group of U.S. megacap stocks is expected to account for less of the S&P 500 total profit growth in 2025 compared with 2024, even as overall S&P 500 profit growth is seen improving this year over last, according to data from Tajinder Dhillon, senior research analyst, analytics, at LSEG Data & Analytics.
Earnings growth for the Mag 7 companies is estimated at a whopping 34% for 2024, with the S&P 500 total 2024 profit growth estimated at 10.1%. Excluding the Mag 7 companies, S&P 500 profit growth for 2024 is estimated at just 5.2%, based on data as of Jan. 3, he wrote.
For 2025, earnings growth for the Mag 7 companies is seen at 19.3%, while the S&P 500 total 2025 profit growth is estimated at 14%. Excluding the Mag 7 companies, S&P 500 profit growth for 2025 is estimated at 12.6%.
The Mag 7 companies include Nvidia NVDA.O, Alphabet GOOGL.O, Apple AAPL.O, Microsoft MSFT.O, Meta Platforms META.O, Tesla TSLA.O and Amazon.com AMZN.O.
Earnings on the final quarter of 2024 get rolling next week. Results from some of the biggest U.S. banks like JPMorgan Chase JPM.N are due Wednesday.
(Caroline Valetkevitch)
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