JPMORGANGlobalMarketsStrategy23February2024EquityStrategyQ4EarningsSeasonTracker•Over80%ofS&P500companiesand55%ofStoxx600companieshavenowHeadofGlobalEquityStrategyreportedQ4results.EPSgrowthforthequarteristrackingat+7%y/yintheMislavMatejka,CFAACUS,and-11%y/yinEurope.ThedivergenceinearningsdeliverybetweentheUSandEuropeisbecomingmoreapparent,whereUSminusEuropeEPS(44-20)7134-9741growthhaswidenedtohighs-seeFig2.Onaggregate,UScompaniesstronglymislav.matejka@jpmorgan.combeatexpectations,withEPSsurprisefactorat+8%,whileEuropeancompaniesJ.P.MorganSecuritiesplchavedisappointedvsconsensusexpectationsby2%.ThebettershowingintheUShassupportedthemeaningfuloutperformanceofUSvsEuropeanequitiesPrabhavBhadani,CFAsincemidlastyear,andisconsistentwithourregionalUSoverEuropepreference,initiatedinMay‘23.(44-20)7742-4404prabhav.bhadani@jpmorgan.com•US:77%ofS&P500companiesthathavereportedbeatEPSestimates.WithJ.P.MorganSecuritiesplctheexceptionofTesla,Magnificent7stockshavehadanotherstellarquarter:NityaSaldanha,CFACommunicationServices,TechandDiscretionaryarethelargestcontributorstoQ4EPSgrowth-seeFig1.ExcludingMagnificent7,S&P500EPSgrowth(4420)77429986standsat-4%y/yforthequarter.Ontheotherside,Commoditysectorsandnitya.saldanha@jpmchase.comHealthcareareweaker.Toplinegrowthiscominginat+4%y/y,surprisingJ.P.MorganSecuritiesplcpositivel...
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