Wall Street has been on a hot streak over the past month, with November on track to become the strongest month of the year. The retreat in bond yields, on continued hopes that the Fed’s aggressive interest rate hiking campaign might be nearing an end, has been a significant contributor to the stock rally (read: 5 ETFs Worthy of Special Thanks in 2023).
Coming to the latest earnings reporting cycle, the overall Q3 earnings picture remains stable and largely positive. The third-quarter reporting cycle is on track to record year-over-year earnings growth after three back-to-back quarters of earnings decline. However, there has been a notable acceleration in negative estimate revisions for the fourth quarter over the last few weeks, a development that reverses the largely favorable revisions trend of the preceding six months.
Total third-quarter earnings of 468…
