S&P 500 Q3 earnings growth stays strong, but revisions turned negative
Question
S&P 500 Q3 earnings growth stays strong, but revisions turned negative
Direct answer
Negative forward revisions in Tech can cap multiple expansion for NVDA, AMD, AVGO, and MSFT even while backward-looking earnings growth stays strong.
- Original publisher
- Market Ontology
- Evidence through
- 2026-11-07
- Published
- 2026-11-07
- Revision
- 1 · 2026-11-09
Cite as: Market Ontology, “S&P 500 Q3 earnings growth stays strong, but revisions turned negative”, revision 1, evidence through 2026-11-07. https://marketontology.com/market-events/2026-11-07/s-p-500-q3-earnings-growth-stays-strong-but-revisions-turned-negative-1f3072
How this development reaches the affected companies
| Asset | Exposure and channel | Direction | Evidence |
|---|---|---|---|
| NVDA | negative forward revisions pressure forward earnings multiple | Mixed1-4w | Q4 estimate revisions have turned negative for 12 of the 16 sectors. |
| AMD | revisions pressure on semiconductor valuation | Mixed1-4w | Tech is one of the concentrated growth sectors in the Q3 earnings update. |
| MSFT | multiple support weakens if tech revisions keep turning negative | Mixed1-4w | Tech concentration in earnings growth and negative Q4 revisions were cited. |
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What happened next
| Asset | Call | Base close | +1 day | +5 days | +20 days |
|---|---|---|---|---|---|
| AMD | Mixed | 449.04 2026-11-06 | Pending | Pending | Pending |
| MSFT | Mixed | 520.99 2026-11-03 | Pending | Pending | Pending |
| NVDA | Mixed | 186.64 2026-11-06 | Pending | Pending | Pending |
Closing prices from stored daily bars; returns measured from the last close on or before the event date. Not a recommendation.
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