Coinbase (NASDAQ: COIN) stock price is up by 0.15% today, September 9, to trade at $179 at the time of writing. The stock is now garnering attention after analysts on Wall Street forecast that there will be major earnings growth for companies listed in the S&P 500 index in 2026.
Wall Street Eyes Major S&P 500 Earnings Growth
Analyst Walter on X notes that Wall Street expects the S&P 500 earnings to increase for the remainder of 2026 because of AI investments and strong financial results.
Wall Street analysts have also raised the S&P earnings growth forecast for 2026 to 32%. Per this forecast, the companies operating in AI, energy, consumer stocks, and communication services could lead the earnings growth.
In the recent bullish S&P 500 outlook, Wall Street analysts also noted that 86% of the companies on the index surpassed expectations in Q2 2026, but Coinbase reported a revenue of $1.22 billion in Q2 2026, with this being below the $1.29 billion to $1.31 billion that Wall Street expected.
Analysts also expect Coinbase to record a loss of $0.21 per share in Q3 2026. Hence, even if the S&P 500 index attains this 32% growth that Wall Street forecasts, the stock could not post the same growth.
Still, an S&P 500 earnings gain in Q2 and Q3 2026 could be bullish for stocks, and this could bode well for COIN shares.
CLARITY Act Uncertainty Weighs on COIN Stock Despite Expansion
Data from CoinGape prediction markets shows that 85% of traders do not expect the CLARITY Act bill to pass in 2026. The bill is scheduled for a vote in the US Senate on September 15.
If this bill fails to pass, it could dampen the outlook for crypto stocks that trade in the US, including COIN.
However, despite the uncertainty around the bill, Coinbase submitted a filing with the SEC seeking to launch stock perpetual futures for US customers, as earlier reported by CoinGape.
COIN Stock Risks Drop to Key Support as Selling Pressure Surges
COIN stock price is consolidating, with the price opening and closing within a narrow range between $174 and $192 since August 21.
The volume histogram bars that are red suggest that selling pressure has been higher than buying pressure for three straight days.
If this selling pressure persists, COIN stock could drop to the support between $173 and $177, where new buyers could enter the market.
Past trends also show that COIN stock dropped after closing below this support zone. If history repeats, COIN stock price could move to the support at the PoC line at $160, with this being the price at which previous buyers found to be a good entry point.
Still, the RSI reading of 52 suggests that the momentum is favoring bulls slightly, and if COIN stock price can reclaim the psychological resistance of $180, the uptrend that commenced on August 19 could continue.
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