The ideal fix for a market that's traveled too far, too fast, is for it so slow down and back up a bit. This, by most appearances, is the story of the past six weeks on Wall Street. The five-month, 28% sprint from the October correction low to the record high on the last trading day of the first quarter left the S & P 500 overbought, overheated and over-loved.
Beyond the three-quarters of companies exceeding consensus forecasts and overall first-quarter growth exceeding 5%, forward guidance has been just good enough to keep the full-year estimates steady. Fidelity Investments head of global macro Jurrien Timmer fashioned this look at the path of S & P 500 earnings heading into and through each calendar year, with 2024 holding up better than 2023 was last year at this time.
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