Third quarter earnings season kicks off in full swing on Friday. Some Wall Street strategists believe it could be the next catalyst to send stocks higher.
The second quarter's 6% earnings decline was the "trough," according to Bank of America's equity strategy team.
Bank of America's team notes that dating back to 1950, quarterly earnings growth has typically outpaced GDP growth by 1.5 percentage points. That hasn't happened in the past five quarters as the post pandemic economy shifted to one favored by services over goods.
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