关税阴影下的美股财报季：期权市场押注个股波动飙升 医疗股恐成“风暴眼”

Core Viewpoint - The upcoming earnings season is expected to be significantly influenced by tariff-related uncertainties, leading to increased volatility in stock prices, particularly in the healthcare sector [1][4]. Group 1: Earnings Season and Market Reactions - The options market indicates that the volatility of S&P 500 companies on earnings announcement days will be greater compared to recent quarters, with healthcare showing the highest potential for significant fluctuations [1]. - 73% of S&P 500 companies are expected to report earnings before the new deadline for a trade agreement with the U.S., contributing to ongoing uncertainty [4]. - Analysts have noted that the volatility in stock prices on earnings announcement days has been increasing in both the U.S. and Europe, particularly for consumer and healthcare companies [4]. Group 2: Sector-Specific Insights - The healthcare sector is anticipated to experience notably higher volatility due to threats from high tariffs and recent cuts to Medicaid funding [4]. - In the second quarter of 2025, the expected earnings growth rates for various sectors are as follows: Information Technology (6.3%), Consumer Discretionary (5.9%), Communication Services (5.5%), Financials (3.8%), Health Care (5.6%), and others [5]. Group 3: Market Trends and Strategies - The current market conditions are slightly below neutral, which may favor a potential market rally during the earnings season, with stocks typically rising in about 75% of the time during this period [5]. - The volatility of individual stocks remains stable despite a general upward trend in the market, with traders anticipating larger individual stock movements during the earnings season [8]. - Goldman Sachs predicts that the volatility on earnings days could be 3.5 times higher than on non-earnings days, compared to a previous ratio of 2.5 times [10].