Economy / Markets
Wall Street's record week hands a 30% earnings bar to the banks
Wall Street heads into third-quarter earnings season with the S&P 500 coming off a record-setting week and the big banks opening the reporting period on Tuesday. Analysts expect index earnings growth of roughly 30% for the quarter, according to LSEG IBES, with FactSet putting the figure near 29.6% — a fourth consecutive quarter above 25% — and the bulk of the gain coming from technology. Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo are all due to report, with inflation and retail-sales data also landing.