S&P energy sector earnings expectations continue slide
Earnings growth rate for sector sees largest drop of all eleven sectors since Q2
While the energy sector is still expected to be the largest earnings growth contributor for the S&P 500 as a whole, it is seeing significant downturn, reports FactSet.
Both Exxon Mobil and Chevron are set to report earnings on Friday, which are expected to fall below estimates from June 30.
Nearly 75% of S&P 500 energy sector firms have recorded decline in Q2 EPS estimates since June 30. The sector-wide earnings growth rate has fallen to 332.1% from 390.5% at the end of Q2, the largest drop of any sector.