Wall Street bulls face a crucial test this week as the third quarter earnings season shifts into full gear amid rising geopolitical tensions and renewed inflation risks.
Wall Street enters one of the most important weeks of the year Monday as investors hope that early signs of a robust third quarter earnings season will offset the surge in geopolitical risks and renewed rate and inflation concerns.
Bank of America's Savita Subramanian notes that this third quarter earnings season is the first since the end of 2021 that hasn't seen downward revisions heading into the start of reporting, adding that"macro data and other indicators that we track generally point to a beat" in overall S&P 500 profits."We see more green shoots than red flags," she said.
Tesla's third quarter earnings, slated for after the close of trading on Wednesday, will likely be the key release of the week and set the tone for risk markets heading into the end of the month.
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