A tentative bounce in U.S. stocks is about to face a key test, as companies get set to report fourth-quarter results amid worries over a potential recession in 2023.
Results from some of Wall Street’s biggest banks are expected to kick off the reporting period on Friday. Some strategists are hopeful that U.S. companies may be able to handily beat fourth-quarter estimates, which have fallen sharply since October, and that results may be supportive for stocks in the coming weeks. Also, they say, earnings weakness may already be priced into the market.
Hopes that inflation may be slowing and that the Fed could soon ease back on its aggressive tightening have boosted the market in recent sessions. Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, said a theme in company conference calls with analysts may be cost-cuts, given recent announcements from companies.
Fourth-quarter results also are up against tough comparisons with the year-ago quarter, when S&P 500 earnings grew 32.1%, based on Refinitiv data.
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