Despite a slew of strong company earnings reports, concerns about an accelerating spread of COVID-19 in both the U.S. and abroad pushed stocks lower last week. The Dow Jones Industrial Average declined 6.5%, the S&P 500 Index declined 5.6%, and the NASDAQ 100 Index declined 5.5%. The earnings reporting season is rolling on and …
The third quarter earnings reporting season peaks this week with 180 companies in the S&P 500 Index scheduled to report earnings. The current third quarter consensus is for earnings to be down 16.7% year-over-year (versus down 18.7% last week and down 21.7% at the start of earnings season) on a 3.6% decline in revenue. …
Global equity markets had a strong recovery rally last week as scenarios begin to firm up of when the COVID-19 peaks in various countries and the global economy begins to re-open. While the social and economic recovery is likely to last several months or longer, the financial markets tend to anticipate outcomes and a …
The equity market gave back some of its recent gains last week, but volatility also decreased which we view as a welcome signal relative to the higher levels of volatility we’ve seen over the past few weeks. Uncertain timing on a return to normalcy in society and the economy is likely to weigh on …
The advance report on First Quarter U.S. Gross Domestic Product (“GDP”) was reported at +3.2%. This was an upside surprise to the 2% widely anticipated by most economists. Part of the surprise was in net trade (exports versus imports) which was refreshing to see given the concern over the U.S.—China trade standoff. Personal consumption …
The S&P 500 Index advanced 0.4% last week, its fifth consecutive weekly increase. Crude oil fell 2.5% for the week. As we near the end of the quarterly earnings season, much of the fundamental news from reporting companies is out and speculation on how current macro and industry data may impact earnings for first quarter …
Continue reading “Wrapping up Earnings and Focusing on Economic Data”
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