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Goldman Sachs says S&P 500 earnings per share will plunge 60% this quarter, the biggest decline since 2009

Goldman Sachs says S&P 500 earnings per share will plunge 60% this quarter, the biggest decline since 2009




US banking giant Goldman Sachs says it expects S&P 500 earnings per share to drop 60% in the second quarter, the biggest decline since 2009 during the financial crisis.




"If realized, 2Q 2020 EPS growth would be the weakest since 4Q 2009," the analysts said, noting that EPS fell 65% in that quarter.




For the full year of 2020, Goldman Sachs said it expects S&P 500 EPS to be 30% lower at $115 compared to 2019.




The bank added that a Democratic victory in US elections, and the implementation of an ambitious tax plan by Joe Biden could push EPS down by $20 in 2021.




A number of US banks are reporting earnings results this week, including JPMorgan, Wells Fargo, Bank of America, and Goldman itself.




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As the Q2 earnings season kicks off this week, Goldman Sachs is bracing for S&P 500 earnings per share to plummet by 60%, which if realized would be the sharpest contraction since 2009, during the heart of the financial crisis.
Goldman, Wells Fargo, JPMorgan, and Bank of America are among the big US banks to report second quarter earnings this week.
In a note published on Friday, July 10 analysts led by David Kostin, said they expect earnings per share to plunge almost two-thirds in the second quarter compared to the same period in 2019.
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