Earnings Update, from Steve Ellison
In the two and a half months from the end of the intense reporting period for first quarter earnings (April 30) to the beginning of the reporting period for second quarter earnings (July 15), the S&P 500 futures declined 2.9%. During the intense reporting period for second quarter earnings (July 18-29), the S&P 500 declined 2.0%.
Declines in both the earnings reporting period and the preceding 2 1/2 months have occurred only 9 times in the last 22 years. The following 2 1/2 months were up in 4 of the 9 instances, with an average loss of1.7%.
Earnings End Change to next
Date earnings begin date
1/31/1990 4.1%
7/31/2001 -10.4%
10/31/2001 8.2%
4/30/2002 -14.6%
7/31/2002 -3.2%
4/30/2004 -0.2%
7/30/2004 0.6%
1/31/2008 -3.3%
1/30/2009 3.6%