Companies are in the midst of an earnings recession, meaning profits have contracted for two straight quarters, starting with a 4.6% drop at the end of 2022. Companies are in the midst of an “earnings recession," meaning profits have contracted for two straight quarters, starting with a 4.6% drop at the end of 2022.
“With a recession still looming, it’s unlikely that earnings have hit rock bottom,” said Michael Arone, chief investment strategist for State Street’s SPDR Business. “But investors sure are celebrating the first quarter earnings season as if they have. This should leave investors feeling cautious, not confident.”
Utilities and health care companies also has broad contractions, along with communications and technology companies.
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