S&P 500 earnings estimates for 2024 are overly optimistic, JPMorgan's quant guru says

Tue, 10/17/2023 - 16:18

trader nyse — A trader works during the Fed rate announcement on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2019.
Reuters/Brendan McDermid

Stock market investors are about to be disappointed as earnings growth estimates are too high.
That's according to JPMorgan's quant guru Marko Kolanovic, who recommends an underweight position in stocks.
"Weakening PMI momentum suggests that Q3 earnings growth is likely to be negative," Kolanovic said.

The stock market is poised to disappoint investors over the coming months and into next year because S&P 500 earnings growth estimates are too optimistic, according to JPMorgan's quant guru Marko Kolanovic.