Stocks face brutal earnings season with all eyes on Apple

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Investors expect this earnings season to pummel stocks further and will watch Apple Inc. in particular as a bellwether of global economic conditions.

Investors expect this earnings season to pummel stocks further and will watch Apple Inc in particular as a bellwether of global economic conditions.

The results underscore Wall Street’s fear that even after this year’s brutal selloff, stocks have yet to price in all the risks stemming from central banks’ aggressive tightening as inflation remains stubbornly high. The US earnings season starts in earnest this week with results from major banks, including JPMorgan Chase & Co and Citigroup Inc, set to give investors a chance to hear from some of Corporate America’s most influential leaders.As for stocks to watch in the next few weeks, 60% of survey takers see Apple as crucial.

Still, 37% chose neither of those categories, perhaps reflecting Citigroup quantitative strategists’ view that equity markets have “turned decidedly defensive” and are only just starting to reflect the risks of a recession. About half of poll respondents see equities valuations deteriorating further in the next few months. Of those, some 70% expect the S&P 500’s price-to-earnings ratio to fall to the 2020 low of 14, while a quarter see it tumbling to the 2008 low of 10. The index currently trades at about 16 times forward earnings, below the average for the last decade.Wall Street has a similarly dim view.

 

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