Analysts expect first-quarter earnings for S&P 500 companies to now fall 1.9% year-over-year compared with a 5.1% fall expected at the start of April, according to latest Refinitiv data.was unchanged in March, while underlying inflation pressures remained strong, keeping the Fed on course to hike interest rates by 25 basis points next week, a move largely priced in by investors.
"These numbers needed to come in quite soft for the Fed to potentially shift to pausing next week ... we can pretty much pencil in 25-basis-point rate hike next week," Mayfield added.
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