The bull market turns two this month. Investors are riding high after back-to-back strong years for the S&P 500 and a rebound in the fixed-income space. What's not to like right now? US large caps posted their best year-to-date rally through the third quarter since 1997, and corporate earnings continue to rise.[1] Returns for most sectors were stellar through September, with both value and growth having their respective times in the sun.
The days are getting shorter, though, and all eyes are now on how the year will wrap up. Geopolitical tensions are back in the headlines, the US election looms, and uncertainty about the jobs market are just a few risks. For the earnings season that unofficially gets underway this Friday, comps are tough. Recall that 2023 was the “year of efficiency” for many big-cap tech firms. Amid rising stock buybacks, the S&P 500's Q3 year-on-year EPS growth rate is seen under 5%.[2]
A Busy Finish
But it's not just within 10-Qs and from conference calls that we'll hear about the state of the business environment in the weeks ahead. There's a full docket of investor conferences before we close the books on 2024. Executives and experts across industries will shed light on the latest happenings and what the quarters ahead might have in store. In a year that has already been hallmarked by C-suite shakeups, activist-investor tensions, and unexpected new corporate partnerships, market participants should pay close attention to what unfolds at financial events in the next couple of months.
AI – Where's the Beef?
We expect a generally upbeat tone in Q4. Consider that not only is the bull market two years old, but it was about this time in 2022 when ChatGPT stepped onto the scene. That was widely viewed as AI's breakthrough moment, and it was liftoff for many semiconductor stocks thereafter. We'll be curious to hear how exactly firms big and small are using AI to increase productivity and drive profits; doubts emerge regarding just how useful the technology is, now many quarters into its mainstream adoption. Several tech conferences might dig into just that.
New Year, New Opportunities?
Finally, Q4 is also a time to look ahead. Investors should focus on 2025 outlooks and strategic plans that are in the works for the new year. There appears to be some optimism that healthy corporate balance sheets, stabilization in the bond market, and the potential for dry powder being unleashed in the private equity space could set the stage for 2025 dealmaking. Stay tuned for details on that front.
All that and more at this quarter's investor conferences and events. Here are the headline gatherings:
Information Technology & Communication Services
- October 8: NYSE Tech Summit
- October 21: Gartner IT Symposium/Xpo
- October 24: Bank of America AI and IT Services Investor Forum
- November 13: Cantor Crypto, Digital Assets & AI Infrastructure Conference
- November 18: JP Morgan Global TMT Conference
- November 19: RBC Global Technology, Internet, Media & Telecommunications Conference (TIMT) Conference
- November 20: Needham 6th Annual Virtual Infrastructure, Data Analytics Software, and Cloud Communications Conference (virtual)
- November 20: Morgan Stanley European Technology Media and Communications Conference
- December 2: UBS Annual Global Technology, Media, and Telecom Conference
- December 3: Wells Fargo 8th Annual TMT Summit
- December 11: Barclays Global Technology, Media, and Telecommunications Conference
Health Care
- November 11: Guggenheim Global Healthcare Conference
- November 18: Stifel Healthcare Conference
- November 19: Jefferies 15th Annual London Global Healthcare Conference
- November 19: Wolfe Research 6th Annual Healthcare Conference
- December 3: Citi 19th Annual BioPharma Conference
- December 3: Piper Sandler 36th Annual Healthcare Conference
- December 3: Citi Global Healthcare Conference
Consumer Discretionary & Consumer Staples
- November 7: American Food Manufacturing Summit
- November 12: JP Morgan Global Luxury & Brands Conference
- November 13: Bank of America Consumer and Retail Conference
- November 19: dbAccess Business Services, Leisure, Transport & Retail Conference
- November 19: Jefferies Miami Consumer Conference
- December 4: Morgan Stanley Global Consumer and Retail Conference
- December 10: Citi Consumer Conference
Financials & Real Estate
- October 24: Piper Sandler Insurance and Asset & Wealth Management Summit
- November 12: JMP Securities Financial Services Conference
- November 13: Wolfe Research Wealth Symposium
- November 13: Piper Sandler East Coast Financial Services Conference
- November 18: NAREIT REITworld Annual Conference
- November 20: JP Morgan European Financials Conference
- December 3: Oppenheimer Insurance Summit
- December 4: UBS Global Real Estate CEO/CFO Conference
- December 10: Goldman Sachs U.S. Financial Services Conference
Industrials
- November 12: Baird 54th Annual Global Industrial Conference
- November 13: Scotiabank 24th Annual Transportation & Industrials Conference
- November 14: JP Morgan Ultimate Services Investor Conference
- November 18: Rockwell Automation Fair
- November 20: NYSE Industrials Investor Access Conference
- November 20: Deutsche Bank Global Space Summit (virtual)
- November 21: Baird Defense & Government Conference
- December 4: UBS Global Industrials and Transportation Conference
Energy & Utilities
- October 22: Financial Times Energy Transition Summit
- November 13: Bank of America Energy Conference
- November 13: PG&E Innovation Summit
- November 19: Jefferies Energy Transition Conference
- November 21: Jefferies Virtual Power Equipment Conference (virtual)
- December 4: Janney Montgomery Clean Energy Investment Symposium
- December 5: BTG Utilities Conference
Materials
- November 11: RBC Senior Precious Metals Conference
- November 12: Piper Sandler Chemicals Conference
- November 19: Roth 4th Annual AgTech Answers
- December 3: Bank of America European Materials Conference
Regional
- October 20: JP Morgan Asia and EM Internet Forum
- October 30: Cantor Fitzgerald EMEA Tech Conference
- November 4: Macquarie China Consumer Conference
- November 5: Bank of America Middle East and North Africa (MENA) Conference
- November 12: UBS European Conference
- November 14: Bank of America Europe, Middle East, and Africa EMEA Conference
- November 19: Goldman Sachs CEEMEA Annual 1x1 Conference
Investor Specific & Multi-Sector
- October 10: Morgan Stanley Leveraged Finance Conference
- October 11: UBS BB Financial Conference
- November 5: Societe Generale ESG SRI Conference
- November 7: Morningstar Sustainable Investing Summit
- November 13: Sidoti November Micro Cap Conference
- November 13: JP Morgan Equity Opportunity Forum
- November 18: Raymond James Small Cap Summit
- November 22: Deutsche Bank C-Suite Management Call Series
1 The stock market is off to its best start to a year since 1997 under Bill Clinton, CNN, Matt Egan, October 1, 2024, https://www.cnn.com
2 Earnings Insight, FactSet, John Butters, September 27, 2024, https://advantage.factset.com
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