Global Growth Concerns Could Weigh on Wall Street's Third-quarter Estimates
Slowing growth in emerging markets and currency fluctuations in anticipation of a U.S. interest rate hike may push third-quarter revenue and earnings estimates lower this month. Wall Street expects a 3.4% decline in earnings for the S&P 500 for the quarter. The stronger dollar is reducing the competitiveness of U.S. exports overseas and imports at home, resulting in shrinking revenue and earnings for U.S. multinationals. In addition, demand is likely slower in many overseas markets with slowing growth in China and recessions in Brazil and Russia.
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