Apple was among US companies that warned of the impact of Covid-19 on earnings. Picture: SUPPLIED
With the profit picture worsening, Congress approved a $2- trillion funding package and stocks began to rebound from weeks of selling that ended the longest US bull market. US cases have risen above 100,000, and the US now tops China and Italy as the country with the most coronavirus cases. Earnings forecasts have fallen, with analysts now projecting a year-on-year decline of 2.9% for the first quarter, 7.1% in the second quarter and 0.5% in full-year 2020, according to IBES data from Refinitiv. They still estimate slight growth in the third and fourth quarters, based on Refinitiv data.
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