, even as the Federal Reserve’s dovish stance on interest rates is expected to relieve some of the pressure on companies.
With the market’s rebound this year, the Fed on pause and some expecting economic growth to improve after the first quarter, optimism seemed to be increasing that the profit outlook would stabilize after hitting a low point in the current quarter. This year’s earnings already were expected to shrink dramatically compared with 2018, when steep corporate tax cuts fuelled earnings gains of about 24 per cent.
On Tuesday, FedEx Corp. cut its 2019 profit forecast for the second time in three months, causing its stock to drop and raising fresh worries about the impact of the trade conflict on earnings, with the company citing slowing global economic conditions and weaker trade growth.
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