Clouds gather over Wall St as earnings season looms

Markets will be keenly awaiting any commentary on the state of the world’s largest economy as it grapples with 40-year high inflation and the beginning of the Fed’s tightening cycle.

“This [rally] could not be coming at a worse time as companies are already struggling with margin pressure from cost inflation, higher/unwanted inventories, and slower demand,” said Mike Wilson, the broker’s chief US equity strategist. Oxford Economics agreed that equities may struggle to make headway in the near-term as earnings expectations are being lowered.

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