Strong earnings from banks, consumer companies and manufacturers have soothed investors’ concerns that higher inflation and labor shortages could erode profits. U.S. indexes have neared or passed all-time highs.
“One of the more notable takeaways from the earnings reports seen so far has been the ability of companies, for the most part, to pass on increases in prices onto their customers without seeing a drop in sales,” said Michael Hewson, chief markets analyst at CMC Markets. Disappointing results last week from social-media company Snap, which warned that tougher privacy rules from Apple would likely, could be a “canary in the coal mine for the rest of the tech sector,” Mr. Hewson said. Should the tech giants reporting earnings this week also post dour outlooks, it “could see the mood sour quite quickly.”
A key question remaining is how global central banks will respond to rising prices. Recent trading in short-dated U.K. gilts suggests investors think the British government may raise interest rates as soon as November. Investors await comments from the European Central Bank and the
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