JPMorgan, Wells Fargo, and Citigroup Q2 Earnings Expected to Be Down Amid Weak Demand Trends

Q2 earnings for the S&P 500 are expected to be up 5.0% YoY, driven by 4.0% higher revenues. However, estimates have been under pressure since the June-quarter began, with 13 of 16 sectors experiencing negative revisions. Tech and Finance sectors, which account for 51% of S&P 500 earnings, have also seen cuts. JPMorgan, Wells Fargo, and Citigroup are set to kick-start the reporting cycle on July 15th, with earnings expected to be down 5.6%, 3.2%, and 6.8% respectively.