U.S. companies are preparing to open their books on a quarter that is set to show the biggest earnings fall since the financial crisis, leaving investors looking for light at the end of the tunnel.
"It's widely assumed at this point that earnings for Q2 are going to be pretty much a disaster," said Willie Delwiche, investment strategist at Baird in Milwaukee. Second-quarter outlooks from S&P 500 companies totaled just 62 as of Wednesday, far below the 171 average number of quarterly pre-announcements going back to 1997, based on Refinitiv data.
Still, another stimulus bill could boost earnings. Negotiations over a new relief bill had been expected to pick up in July.
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